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22-028MR ASIC remakes ‘sunsetting’ class order on general insurance quotes
ASIC has remade Class Order [CO 11/842] PDS requirements where a quote for a general insurance product is given, for a further five years. The Class Order was due to expire on 1 April 2022.
The new instrument, ASIC Corporations (PDS Requirements for General Insurance Quotes) Instrument 2022/66, continues to provide relief to address the practical difficulties for general insurers in giving a Product Disclosure Statement (PDS) to a consumer during a phone call. It facilitates insurance quotes being given to consumers over the phone, enabling consumers to shop around and compare general insurance products.
The relief remains substantively the same, with minor changes to give greater clarity and reflect current drafting practice.
The remade instrument follows ASIC’s public consultation through Consultation Paper 349 Remaking ASIC class order on PDS requirements where a general insurance quote is given: [CO 11/842] (CP 349). ASIC received one submission to CP 349, which supported remaking the instrument.
- ASIC Corporations (PDS Requirements for General Insurance Quotes) Instrument 2022/66
- ASIC Corporations (Repeal) Instrument 2022/65
Under the Legislation Act 2003, legislative instruments are repealed automatically, or 'sunset' after a period of time unless action is taken to preserve them. This ensures that instruments are kept up-to-date and only remain in force while they are relevant and fit for purpose. The new instrument will expire on 1 March 2027.