Commonwealth legislation

ASIC Class Order [CO 07/409]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

ASIC (Australia's corporate regulator) has set a hard deadline for temporary relief from disclosure rules affecting general insurance products like car and home insurance.

The change: This order specifies that 31 August 2007 is the end date for a "transition period" — a temporary grace period during which general insurers had lighter obligations to provide Product Disclosure Statements under Part 7.9 of the Corporations Act.

Who it affects:

Insurance companies selling general insurance products (as defined in the Corporations Act)
Consumers purchasing these products, who would receive full disclosure documents after the deadline passes

Why it matters: This fixes a specific cut-off date for transitional compliance relief, giving insurers certainty about when they must fully comply with disclosure requirements that normally apply to all financial products.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 07/409].

Corporations Act 2001 — Paragraph 1020F(

Corporations Act 2001 — Paragraph 1020F(1)(c) — Variation

Enabling Legislation

The Australian Securities and Investments Commission makes this instrument under paragraph 1020F(1)(c) of the Corporations Act 2001 (the Act).

Title

This instrument is ASIC Class Order [CO 07/409].

Commencement

This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instrument (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Declaration

Part 7.9 of the Act applies in relation to a general insurance product as if item 2(2) of Schedule 5 to the Corporations Amendment Regulations 2005 (No 5) were modified or varied by omitting the definition of transition period and substituting:

“transition period means the period commencing on the commencing day and ending on 31 August 2007.”.

Interpretation

In this instrument:

general insurance product has the meaning given by section 761A of the Act.

Dated this 12th day of June 2007

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.

Corporations Act 2001 — Paragraph 1020F( Corporations Act 2001 — Paragraph 1020F(1)(c) — Variation

Corporations Act 2001 — Paragraph 1020F(1)(c) — Variation

Enabling Legislation Enabling Legislation