{"id":"F2023L00750","name":"ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438","slug":"asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441926,"registerId":"F2023L00750-fast-fetch-1775957087857","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\ntitle: ASIC Corporations (Confirming Transactions - Recurring Insurance Benefit Payments) Instrument 2023-438\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) Instrument 2023/438\n\nI, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 6 June 2023\n\n \n\nRhys Bollen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc136937672)\n\n[1 Name of legislative instrument](#_Toc136937673)\n\n[2 Commencement](#_Toc136937674)\n\n[3 Authority](#_Toc136937675)\n\n[4 Definitions](#_Toc136937676)\n\n[Part 2—Exemption](#_Toc136937677)\n\n[5 Confirmation of payments under recurrent benefit claims](#_Toc136937678)\n\n[Part 3—Repeal](#_Toc136937679)\n\n[6 Repeal](#_Toc136937680)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under paragraph 1020F(1)(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nholder has the same meaning as in subsection 1017F(1) of the Act.\n\nrecurring benefit claim means a claim under a life policy or a general insurance product for benefit payments (other than a claim for a single lump sum payment) where the holder is unable to work because of illness, injury or unemployment.\n\nresponsible person has the same meaning as in subsection 1017F(2) of the Act.\n\nPart 2—Exemption\n\n5 Confirmation of payments under recurrent benefit claims\n\nA responsible person does not have to comply with subsection 1017F(5) of the Act for a transaction that is a payment under a recurrent benefit claim if, before the payment occurs, the responsible person has provided a confirmation of the transaction to the holder in the form of a statement that:\n\n(a) covers future payments under the recurrent benefit claim for a period of no more than six months; and\n\n(b) is provided in accordance with subsection 1017F(6) of the Act; and\n\n(c) contains the information required by subsections 1017F(7) and (8) of the Act in relation to the payment and each other payment covered by the statement.\n\nPart 3—Repeal\n\n6 Repeal\n\nThis instrument is repealed at the start of 1 July 2028.\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow scope — a targeted exemption for recurring insurance benefit payment confirmations. It has not expanded beyond this specific administrative relief purpose."},"complexity_factors":["Very short instrument: only 6 sections across 3 Parts","Minimal defined terms: only 4 definitions in section 4, all referencing existing Corporations Act definitions","Single operative provision (section 5) with straightforward conditional logic","No nested exceptions or complex cross-referencing beyond basic Corporations Act citations","Simple sunset clause in Part 3 with fixed date repeal"],"plain_english_summary":"This instrument lets insurers and superannuation funds skip sending a confirmation for every recurring income‑protection, disability, or unemployment benefit payment if they provide one upfront statement covering up to six months of payments. Policyholders still receive required details about amounts and dates, but in a consolidated form rather than individual confirmations.\n\nThe change reduces administrative cost and paper for providers; the exemption automatically expires on 1 July 2028."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument narrows the application of s.1017F(5) by exempting responsible persons from per-transaction confirmation for recurring benefit claims where a pre-payment statement covers up to six months and meets the requirements of ss.1017F(6)–(8) (see instrument s.5). The exemption is temporary and the instrument is repealed 1 July 2028 (s.6)."},"complexity_factors":["Direct cross-references to multiple subsections of the Corporations Act (ss.1017F(5)–(8) and s.1017F(2)), requiring users to read the Act for full effect","Delegated instrument made under paragraph 1020F(1)(a) — involves understanding ASIC's delegated power","Definition dependence: 'holder' and 'responsible person' adopt meanings from the Act rather than this instrument","Operational detail: a temporal limit (maximum six months) and content/format conditions (must comply with s.1017F(6) and include ss.1017F(7)–(8) information)","Sunset/repeal date (repealed at start of 1 July 2028) creates a temporary change in compliance obligations"],"plain_english_summary":"This instrument lets a responsible person (as defined in s.1017F(2) of the Corporations Act) avoid the per-payment confirmation obligation in s.1017F(5) for recurring benefit claims if they give the holder a single written confirmation that covers future payments for up to six months and includes the information required by ss.1017F(6)–(8). It affects holders of recurring life or general insurance payments and responsible persons by replacing repeated confirmations with a one‑off disclosure; the instrument expires 1 July 2028."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438","history":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438/history","analysis":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438/analysis","conflicts":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438/conflicts","importantCases":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438/important-cases","documents":"/api/acts/asic-corporations-confirming-transactions-recurring-insurance-benefit-payments-2023-438/documents"}}