Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.6.08E

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

                (a)    that is entered into as a result of a dealing in the product, either wholly or partially, by the person; and

               (b)    that is not a reinsurance contract or a retrocession contract; and

                (c)    in relation to which an unauthorised foreign insurer is a party to the contract that is the general insurance product.

Note    An unauthorised foreign insurer may be a party to a contract of insurance to which Part 2 of the Insurance Regulations 2002 applies. These are insurance contracts for:

(a)   high-value insured; and

(b)   atypical risks; and

(c)   risks that cannot reasonably be placed in Australia; and

(d)   contracts required by foreign law.

         (2)   However, if the general insurance product has been dealt with by more than 1 person, this regulation only applies, in relation to the general insurance product, to the person who has:

                (a)    dealt directly with the unauthorised foreign insurer; or

               (b)    dealt indirectly with the unauthorised foreign insurer through a foreign intermediary.

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

                (a)    in accordance with Table 2 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:   10 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 2 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 specify a later date -- by that date.

Penalty:   10 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).