1ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438

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ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) Instrument 2023/438

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 6 June 2023

 

Rhys Bollen

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemption

5 Confirmation of payments under recurrent benefit claims

Part 3—Repeal

6 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 1020F(1)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

holder has the same meaning as in subsection 1017F(1) of the Act.

recurring 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.

responsible person has the same meaning as in subsection 1017F(2) of the Act.

Part 2—Exemption

5 Confirmation of payments under recurrent benefit claims

A 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: