CP 230 Remaking ASIC class orders on banking and insurance

Released 26 May 2015. Comments close 7 July 2015.

This consultation paper sets out ASIC’s proposals to remake three class orders on banking and insurance into ASIC instruments. Under the Legislative Instruments Act 2003, these class orders will expire if not remade.

We are seeking feedback from the banking and insurance sectors on our proposals to remake, without significant changes, the following class orders:

• Class Order [CO 04/909] Agency banking, which is due to expire on 1 October 2017;
• Class Order [CO 05/681] Transitional relief for deposit product providers—PDSs and periodic statements, which is due to expire on 1 October 2015; and
• Class Order [CO 05/1070] General insurance distributors, which is due to expire on 1 April 2016.

Note: The draft ASIC instruments are available on our website at www.asic.gov.au/cp under CP 230.

We are also seeking feedback on our proposal to repeal the following class order that we consider is no longer required:

• Class Order [CO 06/623] Relief for certain general insurers from s981B account requirements, which is due to expire on 1 October 2016.

Download CP 230 (PDF 154 KB) | Read the media release

- attachment 1 to CP 230 - Draft ASIC Corporations (Distribution of Basic Deposit and General Insurance Products) Instrument 2015/XX (PDF 96 KB)

- attachment 2 to CP 230 - Draft ASIC Corporations (Miscellaneous Disclosure Obligations for Deposit Products) Instrument 2015/XX (PDF 91 KB)

	Submission
1	CBA and CommInsure (PDF 46 KB)
2	Industry Super Australia (PDF 402 KB)
3	Insurance Council of Australia (PDF 167 KB)