Commonwealth Consolidated Regulations

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Product Disclosure Statement not required general insurance situation

                   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."

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