Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p6
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 6/43)
Character Range: 1279734–1282484

authorised under the Insurance Act 1973 to conduct insurance business in Australia; and
 (b) a statement that an insurer of that kind is not subject to the provisions of the Insurance Act 1973, which establishes a system of financial supervision of general insurers in Australia; and
 (c) a statement that the person should consider whether to obtain further information, including:
 (i) the country in which the product issuer is incorporated, and whether the country has a system of financial supervision of insurers; and
 (ii) the paid up capital of the product issuer; and
 (iii) which country's laws will determine disputes in relation to the financial product; and
 (d) a statement that an insurer of that kind cannot be a declared general insurer for the purpose of Part VC of the Insurance Act 1973, and, if the insurer becomes insolvent, the person will not be covered by the financial claims scheme provided under Part VC of that Act.
 (2) In this regulation:
unauthorised foreign insurer means:
 (a) an insurer that:
 (i) does not have an authority under the Insurance Act 1973 to carry on insurance business; and
 (ii) is not a person who, because of section 5 of that Act, is not required to have such an authority; and
 (iii) carries on insurance business outside Australia and the external Territories to which the Insurance Act 1973 extends; or
 (b) if a direction is in force under section 74 of the Insurance Act 1973—a Lloyd's underwriter.

7.9.15A  Product Disclosure Statements—requirement to state information as amounts in dollars
 (1) For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if paragraph 1013D(1)(m) of the Act were modified to read as follows:
 '(m) unless, in accordance with the regulations and a determination by ASIC, information to be disclosed in accordance with paragraphs (b), (d) and (e) must be stated as amounts in dollars.'.
 (2) For paragraph 1020G(1)(a) of the Act, an issuer of a financial product does not have to provide the information mentioned in paragraph 1013D(1)(m) of the Act in the form required by that paragraph, in a Product Disclosure Statement prepared before 1 January 2005.

7.9.15B  Product Disclosure Statements—disclosure of dollar amounts
 (1) For paragraph 1013D(1)(m) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 1013D(1)(b), (d) or (e) as an amount in dollars, the information may be set out as a description of the benefit, cost, amount or payment as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).
 (2) For paragraph 1013D(1)(m) of the Act, if ASIC determines that, for a compelling reason, it is not