Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may give a life company written notice requiring the company to submit to ASIC any form of proposal or policy document ordinarily used by the company in Australia.
(2) If ASIC thinks that a form submitted in answer to a notice under subsection (1) does not comply with this Act or is likely to mislead, ASIC may give the life company written notice:
(a) setting out particulars of the way in which the form fails to comply with this Act or is likely to mislead; and
(b) inviting the life company to make submissions to ASIC on any matter set out in the notice.
(3) If:
(a) at least 14 days have elapsed since ASIC gave notice to the life company; and
(b) either:
(i) the company has not made any submissions to ASIC; or
(ii) having taken into account the submissions made by the life company, ASIC is satisfied that the form in question fails to comply with this Act or is likely to mislead;
ASIC may give the life company a written direction to change the form in the way specified in the direction.
(4) A life company must not make use of a form in respect of which ASIC has given a direction under subsection (3), or allow such a form to be used by a representative of the company, unless the form has been changed in accordance with the direction.