ASIC updates Product Disclosure Statement framework for strata insurers


  • The name and contact details of each following issuer
  • The participating share of the lead issuer and each following issuer in the co-insurance arrangement.

Without this relief, subsection 1013A(1) of the Corporations Act would require each insurer in a co-insurance structure to prepare its own PDS whenever sections 1012A, 1012B, 1012H, or 1012I apply. In practice, this would mean multiple PDSs for a single co-insured policy. Under the new settings, the primary PDS covers the terms of the jointly issued product, while the supplementary PDS records the co-insurance allocations and participating entities. Where only one issuer has prepared the PDS, that entity is treated as the responsible person for the document.


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