Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.14D

         (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 .