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.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
For paragraph 1013D(4)(c) of the Act, the more detailed information that must be included in a Product Disclosure Statement that relates to a financial product issued by an unauthorised foreign insurer is:
(a) a statement that the product issuer is:
(i) an unauthorised foreign insurer; and
(ii) not authorised under the Insurance Act 1973 to conduct insurance business in Australia; and
(b) a statement that an insurer of that kind 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 person should consider whether to obtain further information, including:
(i) the country in which the product issuer is incorporated, and whether the country has a system of financial supervision of insurers; and
(ii) the paid up capital of the product issuer; and
(iii) which country ' s laws will determine disputes in relation to the financial product; and
(d) a statement that an insurer of that kind cannot be a declared general insurer for the purpose of Part VC of the Insurance Act 1973 , and, if the insurer becomes insolvent, the person will not be covered by the financial claims scheme provided under Part VC of that Act.
In this regulation:
unauthorised foreign insurer
means:
(a) an insurer that:
(i) does not have an authority under the Insurance Act 1973 to carry on insurance business; and
(ii) is not a person who, because of section 5 of that Act, is not required to have such an authority; and
(iii) carries on insurance business outside Australia and the external Territories to which the Insurance Act 1973 extends; or
(b) if a direction is in force under section 74 of the Insurance Act 1973 - a Lloyd ' s underwriter.
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