Document ID: chunk:federal_register_of_legislation:C2025C00135:section:198
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 198
Character Range: 355224–356541

198  Alteration of proposal and policy forms
 (1) ASIC may give a life company written notice requiring the company to submit to ASIC any form of proposal or policy document ordinarily used by the company in Australia.
 (2) If ASIC thinks that a form submitted in answer to a notice under subsection (1) does not comply with this Act or is likely to mislead, ASIC may give the life company written notice:
 (a) setting out particulars of the way in which the form fails to comply with this Act or is likely to mislead; and
 (b) inviting the life company to make submissions to ASIC on any matter set out in the notice.
 (3) If:
 (a) at least 14 days have elapsed since ASIC gave notice to the life company; and
 (b) either:
 (i) the company has not made any submissions to ASIC; or
 (ii) having taken into account the submissions made by the life company, ASIC is satisfied that the form in question fails to comply with this Act or is likely to mislead;
ASIC may give the life company a written direction to change the form in the way specified in the direction.
 (4) A life company must not make use of a form in respect of which ASIC has given a direction under subsection (3), or allow such a form to be used by a representative of the company, unless the form has been changed in accordance with the direction.