Modifications relating to insurance options under contract associated with superannuation interest
Part 3 Modifications relating to insurance options under contract associated with superannuation interest
3.1 After subsection 1012D(9B)
insert
Insurance options
A product issuer does not have to give a Product Disclosure Statement to a person if:
a product holder seeks to change the coverage of insurance options under a contract associated with a superannuation interest; and
information in relation to the change of insurance options has not already been given in a periodic statement or in accordance with other periodic reporting requirements under Division 3.
If subsection (9C) applies:
the product issuer must ensure that the product holder has sufficient information to enable the product holder to make an informed decision; and
that subsection does not prevent the product issuer from complying with paragraph (a) by giving the product holder a Product Disclosure Statement.
This Act’s bill:Explanatory statement
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