Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 1013D(1)(k) of the Act, the following further statements must be included in a Product Disclosure Statement that relates to a protected policy issued by a general insurer or a protected account issued by an authorised deposit - taking institution:
(a) if the Product Disclosure Statement relates to a protected policy--a statement that:
(i) the person entitled to claim under insurance cover under a protected policy may be entitled to payment under the financial claims scheme; and
(ii) access to the scheme is subject to eligibility criteria;
(b) if the Product Disclosure Statement relates to a protected account--a statement that:
(i) the account - holder may be entitled to payment under the financial claims scheme; and
(ii) payments under the scheme are subject to a limit for each depositor;
(c) a statement that information about the scheme can be obtained from the APRA website at http://www.fcs.gov.au.
(2) In this regulation:
"authorised deposit-taking institution" has the meaning given by subsection 5(1) of the Banking Act 1959 .
"financial claims scheme" means:
(a) the scheme provided for in Division 2AA of Part II of the Banking Act 1959 ; and
(b) the scheme provided for in Part VC of the Insurance Act 1973 .
"general insurer" has the meaning given by section 11 of the Insurance Act 1973 .
"protected account" has the meaning given by subsections 5(4) to (7) of the Banking Act 1959 .
"protected policy" has the meaning given by subsection 3(1) of the Insurance Act 1973 .