Commonwealth legislation

ASIC Class Order [CO 02/1145]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This instrument declares overseas student health insurance contracts issued before 31 March 2003 are not "financial products" for the purposes of Chapter 7 of the Corporations Act 2001. That removes AFS licensing and other Chapter 7 regulatory obligations for providers of those pre‑2003 policies and affects international students who bought such coverage, easing compliance burdens tied to mandatory student health insurance.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/1145].

ASIC Class Order [CO 02/1145]

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Australian Securities and Investments Commission Corporations Act 2001 – Subsection 765A(2) – Declaration

Under subsection 765A(2) of the Corporations Act 2001 the Australian Securities and Investments Commission hereby declares that an overseas student health insurance contract issued before 31 March 2003 is not a financial product for the purposes of Chapter 7 of that Act.

Interpretation

In this instrument, “overseas student health insurance contract” has the same meaning as in regulation 48 of the National Health Insurance Regulations 1954.

Dated this 31st day of October 2002

Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.