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.]
For paragraph 949B(1)(e) of the Act, a person must give a wholesale client the information set out in subregulation (3) for a financial service provided by that person to the wholesale client if: (a) the service relates to an insurance contract that, because of subparagraph 8(2)(b)(ii) or (iii) of the Insurance Regulations 2024 , may be issued by an unauthorised foreign insurer (the insurer ); and (b) either:
(i) the person would be required to give a Statement of Advice if the service were provided to a retail client; or
(ii) the contract is offered or issued to the wholesale client.
Note: Subparagraphs 8(2)(b)(ii) and (iii) of the Insurance Regulations 2024 apply in relation to insurance contracts for:
7.7.20A(2)
(Repealed by FRLI No F2024L00199, Sch 2 [ 8] (effective 1 March 2024).)
7.7.20A(3)
The information is: (a) a statement that the insurer is not authorised under the Insurance Act 1973 to conduct insurance business in Australia; and (b) a statement that the insurer is not subject to the provisions of the Insurance Act 1973 , which establishes a system of financial supervision of general insurers in Australia; and (c) a statement that the wholesale client should consider whether to obtain further information, including:
(i) the country in which the insurer is incorporated, and whether the country has a system of financial supervision of insurers; and
(ii) the paid up capital of the insurer; and
(d) a statement that the insurer cannot be a declared general insurer for the purpose of Part VC of the Insurance Act 1973 , and, if the insurer becomes insolvent, the wholesale client will not be covered by the financial claims scheme provided under Part VC of that Act.
(iii) which country ' s laws will determine disputes in relation to the financial product; and
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