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 1020G(1)(c) of the Act, Part 7.9 of the Act is modified by adding after section 1014E of the Act the following section:
" 1014EA General insurance product situation in which only a Supplementary Product Disclosure Statement need be given
(1)
This section applies if:
(a) a person (the client ) acquires a general insurance product (the original product ) from another person (the regulated person ); and
(b) the client received a Product Disclosure Statement (the original PDS ) relating to the product as required by the Act; and
(c) the contract of insurance provides a renewable insurance cover (within the meaning of subsection 58(1) of the Insurance Contracts Act 1984 ); and
(d) the regulated person offers to renew the client ' s contract of insurance (the new product ); and
(e) the regulated person is required to give the client a Product Disclosure Statement (the new PDS ) relating to the new product; and
(f) the original PDS contains some but not all of the information that the new PDS is required to contain.
(2)
The regulated person may give the client a new PDS.
(3)
If the regulated person does not give the client a new PDS, the regulated person must give the client a Supplementary Product Disclosure Statement that contains the additional information.
(4)
If the regulated person gives the client a Supplementary Product Disclosure Statement under subsection (3), for the purposes of this Act:
(a) the original PDS is taken to be the new PDS; and
(b) the new PDS is taken to have been given to the client as required by this Act. "
[ CCH Note: Sch 5, Pt 2 [ 3] of SLI 2005 No 324 commenced immediately after the commencement of Sch 9 [ 6] of that instrument. Sch 9 [ 6] inserted reg 7.9.07FB.]
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