ASIC extends dollar disclosure relief for general insurance products but not non-basic deposit products

ASIC has given class order relief that extends the current transitional relief from dollar disclosure requirements for general insurance products (but not non-basic deposit products).

Class Order [CO 07/123] Variation of Class Order [CO 05/683] Dollar disclosure: further transitional relief, extends current transitional relief for issuers of general insurance products from the dollar disclosure requirements in product disclosure statements (PDS) from 1 April 2007 to 30 June 2008.

This extension of transitional relief from dollar disclosure requirements for general insurance products to 30 June 2008 will allow time for the implementation of the Parliamentary Secretary to the Treasurer's reform proposal contained in Corporate and Financial Services Regulation Review.

Issuers of non-basic deposit products will still have to comply with dollar disclosure requirements from
1 April 2007 upon the expiry of CO 06/476.