The Australian Securities and Investments Commission (ASIC) has asked for feedback for a consultation paper proposing to remake its class order relating to product disclosure statement (PDS) requirements where a quote for a general insurance product is given.
The class order is due to automatically repeal (or “sunset”) on April 1, 2022, unless action is taken to preserve it.
While ASIC proposes to remake the class order, it said that is first seeking feedback from general insurers, law firms, and other interested people on the proposal.
In a statement, ASIC said that it “invites submissions as to whether: the class order is currently operating effectively and efficiently and should therefore be remade; the conditions of relief should remain unchanged; and the remade legislative instrument should remain in force for five years or for a different period of time.”
Submissions are due on December 17, 2021.
