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Corporations Amendment Regulations 2003 (No. 5)

Authoritative Version
  • - F2003B00138
  • No longer in force
SR 2003 No. 127 Regulations as made
These Regulations amend the Corporations Regulations 2001.
Administered by: Treasury
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Made 12 Jun 2003
Registered 01 Jan 2005
Tabled HR 24 Jun 2003
Tabled Senate 25 Jun 2003
Gazetted 19 Jun 2003
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

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


1              Name of Regulations

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

2              Commencement

                These Regulations commence on 1 July 2003.

3              Amendment of Corporations Regulations 2001

                Schedule 1 amends the Corporations Regulations 2001.


Schedule 1        Amendments

(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

7.1.17A  General 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

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

[5]           After subregulation 7.6.01 (6)

insert

      (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:

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

               (b)    11 March 2004.

[6]           Part 7.9, after Division 11

insert

Division 12            Medical indemnity insurance

7.9.95     Medical 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:

                (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

               (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 on 19 June 2003.