Corporations Amendment Regulations 2003 (No. 5) (Cth)

Corporations Amendment Regulations 2003 (No. 5)1

Statutory Rules 2003 No. 1272

I, GUY STEPHEN MONTAGUE GREEN, Administrator of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 12 June 2003

G. S. M. GREEN

Administrator

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

These Regulations are the Corporations Amendment Regulations 2003 (No. 5).

2Commencement

These Regulations commence on 1 July 2003.

3Amendment of Corporations Regulations 2001

Schedule 1 amends the Corporations Regulations 2001.

Schedule 1Amendments

(regulation 3)

  

[1]Subregulation 1.0.02 (1), after definition of Lloyd’s

insert

medical indemnity insurance product means a contract under which a person provides to a medical practitioner medical indemnity cover within the meaning of section 5 of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

medical practitioner has the meaning given by subsection 4 (1) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

[2]After regulation 7.1.17

insert

7.1.17AGeneral insurance products: medical indemnity insurance products

For subparagraph 761G (5) (b) (viii) of the Act, a medical indemnity insurance product is prescribed.

[3]Sub-subparagraph 7.6.01 (1) (s) (iv) (B)

omit

issuer.

insert

issuer;

[4]After paragraph 7.6.01 (1) (s)

insert

1. (t)

   advising in relation to, or dealing in, a medical indemnity insurance product.

[5]After subregulation 7.6.01 (6)

insert

1. (6A)

   Paragraph (1) (t) ceases to have effect in respect of a person advising in relation to, or dealing in, a medical indemnity insurance product, on the earlier of:

   1. (a)

      the date on which the person obtains an Australian financial services licence in respect of the product; and

   2. (b)

      11 March 2004.

[6]Part 7.9, after Division 11

insert

Division 12Medical indemnity insurance

7.9.95Medical indemnity insurance — exemption from product disclosure provisions

For paragraph 1020G (1) (b) of the Act, a medical indemnity insurance product is exempt from the provisions of Part 7.9 of the Act, until the earlier of:

1. (a)

   the date specified in a notice, lodged with ASIC by the issuer of the product, that indicates that the issuer of the product wants the provisions of Part 7.9 of the Act to apply in relation to the product from that date; and

2. (b)

   11 March 2004.

Notes

1. These Regulations amend Statutory Rules 2001 No. 193, as amended by 2001 Nos. 208, 318 and 319 (rr 7.9.10 and 7.9.11 were disallowed by the Senate on 16 September 2002); 2002 Nos. 15, 16 (rr 7.9.10, 7.9.11 (1), 7.9.11 (1) (a), 7.9.11 (1) (b) and 7.9.11 (2) were disallowed by the Senate on 16 September 2002), 41, 53, 126, 145, 182, 265 and 282; 2003 Nos. 31, 48, 85 and 126.

2. Notified in the Commonwealth of Australia Gazette