Corporations Amendment Regulations 2003 (No. 5)

(127 of 2003)

19 June 2003

Corporations Act 2001.

1   Name of Regulations

These Regulations are theCorporations Amendment Regulations 2003 (No. 5).

2   Commencement

These Regulations commence on 1 July 2003.

3   Amendment of Corporations Regulations 2001

Schedule 1 amends theCorporations Regulations 2001.

Schedule 1   Amendments

[1]   Subregulation 1.0.02 (1), after definition of Lloyd's

insert

medical indemnity insurance product means a contract under which a person provides to a medical practitioner medical indemnity cover within the meaning of section 5 of theMedical Indemnity (Prudential Supervision and Product Standards) Act 2003.

medical practitioner has the meaning given by subsection 4 (1) of theMedical Indemnity (Prudential Supervision and Product Standards) Act 2003.

[2]   After regulation 7.1.17

insert

7.1.17A General insurance products: medical indemnity insurance products

For subparagraph 761G (5) (b) (viii) of the Act, a medical indemnity insurance product is prescribed.

[3]   Sub-subparagraph 7.6.01 (1) (s) (iv) (B)

omit

issuer.

insert

issuer;

[4]   After paragraph 7.6.01 (1) (s)

insert

(t) advising in relation to, or dealing in, a medical indemnity insurance product.

[5]   After subregulation 7.6.01 (6)

insert

(6A) Paragraph (1) (t) ceases to have effect in respect of a person advising in relation to, or dealing in, a medical indemnity insurance product, on the earlier of:

(a) the date on which the person obtains an Australian financial services licence in respect of the product; and

(b) 11 March 2004.

[6]   Part 7.9, after Division 11

insert

Division 12 Medical indemnity insurance

7.9.95 Medical indemnity insurance - exemption from product disclosure provisions

For paragraph 1020G (1) (b) of the Act, a medical indemnity insurance product is exempt from the provisions of Part 7.9 of the Act, until the earlier of:

(a) the date specified in a notice, lodged with ASIC by the issuer of the product, that indicates that the issuer of the product wants the provisions of Part 7.9 of the Act to apply in relation to the product from that date; and

(b) 11 March 2004.