Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) 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.
(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.
(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.
(a) for an individual--20 penalty units; and
(b) for a body corporate--200 penalty units.
(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.
(a) for an individual--20 penalty units; and
(b) for a body corporate--200 penalty units.
(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.
(6) Strict liability applies to subregulations (3) and (4).