CORPORATIONS REGULATIONS 2001 - REG 7.6.08D Information about general insurance products

CORPORATIONS REGULATIONS 2001 - REG 7.6.08D

  (1)   This regulation applies in relation to a general insurance product that:

  (a)   is entered into as a result of a dealing in the product, either wholly or partially, by the person, with a general insurer, Lloyd's underwriter or an unauthorised foreign insurer; and

  (b)   is not a reinsurance contract or a retrocession contract.

  (2)   However, if the person is a general insurer, this regulation does not apply in relation to a general insurance product issued by the person.

  (3)   For section   912CA of the Act, the person must provide information to APRA about the general insurance product entered into in a reporting period specified in subregulation   (5):

  (a)   in accordance with Table 1 in Form 701; and

  (b)   either:

  (i)   within the time specified by ASIC or APRA if that is a reasonable time; or

  (ii)   if ASIC or APRA do not specify a time--within 20 business days after the last day of the applicable reporting period.

Penalty:

  (a)   for an individual--20 penalty units; and

  (b)   for a body corporate--200 penalty units.

  (4)   For section   912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 1 in Form 701:

  (a)   if APRA makes a request in writing for the further information; and

  (b)   either:

  (i)   within 5 business days of receiving the request; or

  (ii)   if ASIC or APRA specifies a later date--by that date.

Penalty:

  (a)   for an individual--20 penalty units; and

  (b)   for a body corporate--200 penalty units.

  (5)   The reporting periods are:

  (a)   1   May to 30   June 2010; and

  (b)   1   July to 31   December 2010; and

  (c)   1   January to 30   June in any year after 2010; and

  (d)   1   July to 31   December in any year after 2010.

  (6)   Strict liability applies to subregulations (3) and (4).