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: 50 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 .'.