Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.14B

Product information

    For paragraph   1020G(1)(c) of the Act, Part   7.9 of the Act is modified in its application in relation to financial products as if:

  (a)   that Part applied to a financial product mentioned in paragraph   7.1.14(2)(d); and

  (b)   the following section were inserted after section   1019B of the Act:

'1019C   Information about certain vehicle insurance

  (1)   This section applies in relation to the issue of a financial product mentioned in paragraph   7.1.14(2)(d) of the Corporations Regulations   2001 .

  (2)   The product issuer of the financial product must, as soon as practicable after issuing the financial product, give the holder of the financial product a statement that contains the information mentioned in paragraphs 1013D(1)(a) and (b) unless:

  (a)   the product holder already has a statement containing that information; or

  (b)   the product issuer believes on reasonable grounds that the product holder has already received a statement containing that information.

  (3)   The product issuer must give the statement in the same way as a Product Disclosure Statement is to be given under subsection   1015C.

  (4)   The product issuer is not required to comply with any other requirements in Divisions   2 to 6 (inclusive) in relation to the issue of the financial product.

  (5)   The product issuer must not refuse, or intentionally or recklessly fail, to comply with subsections   (2) and (3).

Penalty:

  (a)   for an individual--50 penalty units; and

  (b)   for a body corporate--500 penalty units.

  (6)   Subsection   (5) does not apply to the extent that the product issuer has a reasonable excuse.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (6A), see subsection   13.3(3) of the Criminal Code.

  (7)   Divisions   1 and 7 do not apply in relation to the product issuer in relation to the financial product mentioned in paragraph   7.1.14(2)(d) of the Corporations Regulations   2001 .'.


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