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 , which supported remaking the instrument.
