Commonwealth Consolidated Regulations

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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:     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 .'.

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