CORPORATIONS REGULATIONS 2001 - REG 7.9.14D Further statements required in Product Disclosure Statement--financial claims scheme

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.fcs.gov.au.

  (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 .