Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p34
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 34/43)
Character Range: 1350787–1353541

the payment of benefits to the eligible rollover fund;
 (iii) the contact details of the eligible rollover fund;
 (iv) subject to subregulation (3), the amount, of the product holder's benefits that will be paid from the transferor;
 (v) a statement to the effect that, if the product holder chooses a superannuation entity, exempt public sector superannuation scheme or RSA that refuses to accept the payment of the product holder's benefit, or the product holder makes no choice within the specified period, the responsible person will pay the product holder's benefits to the eligible rollover fund.
 (3) For subparagraph (2)(b)(iv), the product issuer may inform a product holder of the approximate amount of the product holder's benefits if, at the time the information is to be given, the responsible person cannot determine the exact amount of the product holder's benefits that will be paid from the superannuation entity or RSA.
 (4) This regulation does not require the responsible person of the transferor to provide information about RSAs, exempt public sector superannuation schemes or superannuation entities other than the eligible rollover fund.
 (5) The notice may be given in writing or electronic form.
 (6) In this regulation:
responsible person means:
 (a) a trustee of a superannuation entity; or
 (b) an RSA provider.

Subdivision 5.8A—Information in relation to inactive superannuation accounts

7.9.44A  Meaning of inactive
  In this Subdivision, a member of a regulated superannuation fund has an account that is inactive in relation to a choice product or a MySuper product for a period if the member has an account that is inactive in relation to the product for the period within the meaning of subsection 68AAA(3) of the SIS Act.

7.9.44B  Notices about insurance—inactivity
 (1) This regulation is made for the purposes of paragraph 1017DA(1)(a) of the Act.

Application
 (2) This regulation applies if:
 (a) a member of a regulated superannuation fund holds a choice product or a MySuper product offered by the fund; and
 (b) the fund provides a benefit to, or in respect of, the member under the product by taking out or maintaining insurance; and
 (c) the member has not made an election, under subsection 68AAA(2) of the SIS Act, that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance even if the member's account is inactive in relation to the product for a continuous period of 16 months; and
 (d) if under the governing rules of the fund the benefit will not be provided to, or in respect of, the member under the product by taking out or maintaining insurance if the member's account is inactive for a period of less than 16 months—the member has