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."