Corporations Amendment (Life Insurance Remuneration Arrangements) Regulations 2017 (F2017L00212)

Schedule 1   Amendments

Corporations Regulations 2001

7   After regulation 7.7A.16F

Insert:

Subdivision 6 - Application provisions relating to the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017

7.7A.16G Definitions

In this Subdivision:

amending Act means the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017.

commencement day means the day on which Schedule 1 to the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 commences.

7.7A.16H Life risk insurance products substantially related to existing products

(1) This regulation is made for the purposes of subsection 1549B(3) of the Act.

(2) The amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product issued to a person on or after the commencement day (the post-commencement product ) if:

(a) the person held another life risk insurance product immediately before the commencement day (the pre-commencement product ); and

(b) either:

(i) the person acquires the post-commencement product by exercising an option given to the person under the pre-commencement product; or

(ii) the person acquires the post-commencement product because the pre-commencement product was cancelled due to an administrative error.