CORPORATIONS REGULATIONS 2001 - REG 7.9.07FC Product Disclosure Statement not required general insurance situation

CORPORATIONS REGULATIONS 2001 - REG 7.9.07FC

    For paragraph   1020G(1)(c) of the Act, Part   7.9 of the Act is modified by adding after section   1014E of the Act the following section:

"1014EA   General insurance product situation in which only a Supplementary Product Disclosure Statement need be given

  (1)   This section applies if:

  (a)   a person (the client ) acquires a general insurance product (the original product ) from another person (the regulated person ); and

  (b)   the client received a Product Disclosure Statement (the original PDS ) relating to the product as required by the Act; and

  (c)   the contract of insurance provides a renewable insurance cover (within the meaning of subsection   58(1) of the Insurance Contracts Act 1984 ); and

  (d)   the regulated person offers to renew the client's contract of insurance (the new product ); and

  (e)   the regulated person is required to give the client a Product Disclosure Statement (the new PDS ) relating to the new product; and

  (f)   the original PDS contains some but not all of the information that the new PDS is required to contain.

  (2)   The regulated person may give the client a new PDS.

  (3)   If the regulated person does not give the client a new PDS, the regulated person must give the client a Supplementary Product Disclosure Statement that contains the additional information.

  (4)   If the regulated person gives the client a Supplementary Product Disclosure Statement under subsection   (3), for the purposes of this Act:

  (a)   the original PDS is taken to be the new PDS; and

  (b)   the new PDS is taken to have been given to the client as required by this Act."