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CORPORATIONS REGULATIONS 2001 - REG 7.9.14D

Further statements required in Product Disclosure Statement--financial claims scheme

             (1)  For paragraph 1013D(1)(k) of the Act, the following further statements must be included in a Product Disclosure Statement that relates to a protected policy issued by a general insurer or a protected account issued by an authorised deposit-taking institution:

                     (a)  if the Product Disclosure Statement relates to a protected policy--a statement that:

                              (i)  the person entitled to claim under insurance cover under a protected policy may be entitled to payment under the financial claims scheme; and

                             (ii)  access to the scheme is subject to eligibility criteria;

                     (b)  if the Product Disclosure Statement relates to a protected account--a statement that:

                              (i)  the account-holder may be entitled to payment under the financial claims scheme; and

                             (ii)  payments under the scheme are subject to a limit for each depositor;

                     (c)  a statement that information about the scheme can be obtained from the APRA website at http://www.apra.gov.au and the APRA hotline on 1300 13 10 60.

             (2)  In this regulation:

authorised deposit-taking institution has the meaning given by subsection 5(1) of the Banking Act 1959 .

financial claims scheme means:

                     (a)  the scheme provided for in Division 2AA of Part II of the Banking Act 1959 ; and

                     (b)  the scheme provided for in Part VC of the Insurance Act 1973 .

general insurer has the meaning given by section 11 of the Insurance Act 1973 .

protected account has the meaning given by subsections 5(4) to (7) of the Banking Act 1959 .

protected policy has the meaning given by subsection 3(1) of the Insurance Act 1973 .



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