Commonwealth Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS REGULATIONS 2001 - REG 7.6.08D

Information about general insurance products

             (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.

Penalty:  10 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.

Penalty:  10 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).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback