Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p36
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 36/43)
Character Range: 1355720–1358275

of 1 month, the fund would cease to provide the benefit by taking out or maintaining insurance either under the governing rules of the fund or because of the application of section 68AAA of the SIS Act.
 (5) For the purposes of subregulation (4), an insurance inactivity notice in relation to the benefit is a notice in writing given to the member:
 (a) stating the length of the continuous period for which the member's account has been inactive in relation to the product under which the benefit is provided; and
 (b) explaining that the member's account will be active in relation to the product if an amount, such as a contribution, is paid into the account; and
 (c) stating the date on which, if there is no activity, the benefit will cease to be provided; and
 (d) stating:
 (i) the amount of insurance fee charged in relation to the product for the fund's most recent completed year of income; and
 (ii) the amount of insurance fee likely to be charged in relation to the product for the fund's current year of income; and
 (e) explaining whether the benefit will cease to be provided:
 (i) under the governing rules of the fund; or
 (ii) because of the application of section 68AAA of the SIS Act; and
 (f) setting out:
 (i) whether or not it is possible for the member to elect to continue to be provided the benefit; and
 (ii) if it is possible for the member to do so—the method by which the member can make the election.

Time for giving notice
 (6) If a trustee of a regulated superannuation fund is required under subregulation (4) to ensure that a member of the fund is given a notice in relation to a benefit provided to the member under a product offered by the fund, the notice must be given:
 (a) if paragraph (4)(a) is satisfied—within the period of 2 weeks after the day on which that paragraph is satisfied; and
 (b) if paragraph (4)(b) is satisfied—within the period of 2 weeks after the day on which that paragraph is satisfied; and
 (c) if paragraph (4)(c) is satisfied—within the period of 2 weeks after the day on which that paragraph is satisfied.

7.9.44C  Notices about insurance—right to cease insurance cover
 (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) either:
 (i) the member has made