Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 198

  (1)   ASIC may give a life company written notice requiring the company to submit to ASIC any form of proposal or policy document ordinarily used by the company in Australia.

  (2)   If ASIC thinks that a form submitted in answer to a notice under subsection   (1) does not comply with this Act or is likely to mislead, ASIC may give the life company written notice:

  (a)   setting out particulars of the way in which the form fails to comply with this Act or is likely to mislead; and

  (b)   inviting the life company to make submissions to ASIC on any matter set out in the notice.

  (3)   If:

  (a)   at least 14 days have elapsed since ASIC gave notice to the life company; and

  (b)   either:

  (i)   the company has not made any submissions to ASIC; or

  (ii)   having taken into account the submissions made by the life company, ASIC is satisfied that the form in question fails to comply with this Act or is likely to mislead;

ASIC may give the life company a written direction to change the form in the way specified in the direction.

  (4)   A life company must not make use of a form in respect of which ASIC has given a direction under subsection   (3), or allow such a form to be used by a representative of the company, unless the form has been changed in accordance with the direction.