Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p14
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 14/60)
Character Range: 849581–852355

before 1 January 2022.
 (2) In this regulation:
existing provider has the meaning given by section 1546A of the Act.

Part 7.6B—Provision of information to APRA about contracts of insurance

7.6.08A  Definitions
  In this Part:
general insurer has the same meaning as in subsection 3(1) of the Insurance Act 1973.
Lloyd's underwriter has the same meaning as in subsection 3(1) of the Insurance Act 1973.

7.6.08B  Application
  This Part applies to a person who is a financial services licensee authorised to deal in general insurance products.

7.6.08C  Modification of section 912CA of the Act
  For paragraph 926B(1)(c) of the Act, Part 7.6 of the Act applies as if section 912CA of the Act were modified to read as follows:
'912CA  Regulations may require information to be provided
 (1) The regulations may require a financial services licensee, or each financial services licensee in a class of financial services licensees, to provide APRA (acting as ASIC's agent) with specified information about:
 (a) the financial services provided by the licensee or its representatives; or
 (b) the financial services business carried on by the licensee.

 (2) The specified information:
 (a) must be lodged in the prescribed form; and
 (b) must include:
 (i) the information, statements, explanations or other matters required by the form; and
 (ii) any further information requested by APRA in relation to any of the matters in subparagraph (i); and
 (c) must be accompanied by any other material required by the form.'

7.6.08D  Information about general insurance products
 (1) This regulation applies in relation to a general insurance product that:
 (a) is entered into as a result of a dealing in the product, either wholly or partially, by the person, with a general insurer, Lloyd's underwriter or an unauthorised foreign insurer; and
 (b) is not a reinsurance contract or a retrocession contract.
 (2) However, if the person is a general insurer, this regulation does not apply in relation to a general insurance product issued by the person.
 (3) For section 912CA of the Act, the person must provide information to APRA about the general insurance product entered into in a reporting period specified in subregulation (5):
 (a) in accordance with Table 1 in Form 701; and
 (b) either:
 (i) within the time specified by ASIC or APRA if that is a reasonable time; or
 (ii) if ASIC or APRA do not specify a time—within 20 business days after the last day of the applicable reporting period.
Penalty:
 (a) for an individual—20 penalty units; and
 (b) for a body corporate—200 penalty units.
 (4) For section 912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 1 in Form 701:
 (a) if APRA