Corporations Act 2001
View history note
Hide history noteThe repeal of section 963D by item 91 of Part 4 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 applies to a benefit given to a financial services licensee, or a representative of a financial services licensee, under an arrangement if: (a) the arrangement was entered into on or after the day (the deferred start day ) that is 6 months after the commencement of that Part; or (b) all of the following apply:
(i) the arrangement was varied on or after the deferred start day;
(ii) the variation related to the giving of benefits under the arrangement;
(iii) the benefit is given on or after the deferred start day.
1708D(2)
The repeal of that section also applies to a benefit if: (a) the benefit is given to a financial services licensee, or a representative of a financial services licensee, otherwise than under an arrangement; and (b) the benefit is given on or after the deferred start day.
[ CCH Note: Div 3 will be inserted by No 67 of 2024, s 3, Sch 1[101] (effective 9 July 2025). Div 3 will read:
Division 3 - Insurance commissions
SECTION 1708E INFORMED CONSENT FOR CERTAIN INSURANCE COMMISSIONS
1708E(1)
The amendments made by Part 5 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 apply to benefits given on or after the commencement of that Part in relation to the issue or sale of general insurance products, life risk insurance products or consumer credit insurance on or after that commencement.
1708E(2)
However, those amendments do not apply to benefits given in connection with the issue or sale of a general insurance product if:
(a) the product is a renewal of another general insurance product; and
(b) that other general insurance product was issued or sold before the commencement of Part 5 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 .]
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