Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
This regulation applies in relation to a general insurance product that:
(a) is entered into as a result of a dealing in the product, either wholly or partially, by the person, with a general insurer, Lloyd ' s underwriter or an unauthorised foreign insurer; and
(b) is not a reinsurance contract or a retrocession contract.
7.6.08D(2)
However, if the person is a general insurer, this regulation does not apply in relation to a general insurance product issued by the person.
7.6.08D(3)
For section 912CA of the Act, the person must provide information to APRA about the general insurance product entered into in a reporting period specified in subregulation (5):
(a) in accordance with Table 1 in Form 701; and
(b) either:
(i) within the time specified by ASIC or APRA if that is a reasonable time; or
(ii) if ASIC or APRA do not specify a time - within 20 business days after the last day of the applicable reporting period.
Penalty:
7.6.08D(4)
For section 912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 1 in Form 701:
(a) if APRA makes a request in writing for the further information; and
(b) either:
(i) within 5 business days of receiving the request; or
(ii) if ASIC or APRA specifies a later date - by that date.
Penalty:
7.6.08D(5)
The reporting periods are:
(a) 1 May to 30 June 2010; and
(b) 1 July to 31 December 2010; and
(c) 1 January to 30 June in any year after 2010; and
(d) 1 July to 31 December in any year after 2010.
7.6.08D(6)
Strict liability applies to subregulations (3) and (4).
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