Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 1013D(4)(c) of the Act, the more detailed information that must be included in a Product Disclosure Statement that relates to a financial product issued by an unauthorised foreign insurer is:
(a) a statement that the product issuer is:
(i) an unauthorised foreign insurer; and
(ii) not 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.