In both cases, the extension of relief has been granted until 31 August 2007.
1.1 General Insurance Relief
Regulation 7.9.15D –7.9.15F of the Commonwealth Corporations Regulations 2001 (the “Corporations Regulations”) modifies the application of financial services disclosure provisions to general insurance products. These Regulations provided a transition period until 20 June 2007.
I am pleased to advise that ASIC has since granted further relief, in Class Order [CO 07/409] that extends the transition period in the Regulations until 31 August 2007.
During the transition period, general insurers can either comply with the modified disclosure requirements or continue to comply with the provisions as prior to the legislative modifications.
Moreover, on 26 March 2007, the Government announced proposed new Corporations Amendment Regulations to simplify the financial services regime.
Amongst other things, these new Regulations will modify financial services disclosure provisions, including in relation to dollar disclosure provisions for general insurers. The legislative changes will require insurers to make changes to their disclosure documentation.
A core part of my role at Georgiadis Lawyers involves advising issuers of financial products and services how best to comply with such financial services laws. I can assist you to comply with these laws and in particular, as a general insurer that you comply with the disclosure obligations in the Corporations Regulations 7.9.15D – 7.9.15F.
I can either update your disclosure documents for you or I can conduct a compliance review of the same to ensure that at the commencement of the new legislative requirements including the proposed new Corporations Amendment Regulationsannounced by the Parliamentary Secretary to the Treasurer on 26 March 2007, you duly comply with the same.
