Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6B - PROVISION OF INFORMATION TO APRA ABOUT CONTRACTS OF INSURANCE  

REGULATION 7.6.08E   INFORMATION ABOUT GENERAL INSURANCE PRODUCTS - UNAUTHORISED FOREIGN INSURERS  

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.

7.6.08E(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.

7.6.08E(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:

(a) for an individual - 20 penalty units; and

(b) for a body corporate - 200 penalty units.

7.6.08E(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:

(a) for an individual - 20 penalty units; and

(b) for a body corporate - 200 penalty units.

7.6.08E(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.

7.6.08E(6)    
Strict liability applies to subregulations (3) and (4).