CORPORATIONS REGULATIONS 2001 - REG 7.9.61B Issue of substitute insurance product

CORPORATIONS REGULATIONS 2001 - REG 7.9.61B

  (1)   This regulation applies if:

  (a)   money is paid to acquire an insurance product (the new product ); and

  (b)   the product provider issues another product (the other product ) which is the same as the new product except for the date on which it ceases to have effect; and

  (c)   the product provider has not issued the new product.

  (2)   For paragraph   1017E(3)(d) of the Act, the situation mentioned in subregulation   (1) is a situation in which money may be taken out of an account mentioned in section   1017E.

  (3)   For paragraph   1017E(4)(c) of the Act, the product provider must, after taking the money out of the account:

  (a)   issue the new product before the date on which the other product ceases to have effect; or

  (b)   return the money to the person by whom it was paid before the date on which the other product ceases to have effect.