Section 1012H — Corporations Act 2001 (Cth)

(1) This section covers the situation in which a financial product:

(a) is issued to a person; and

(b) covers, or is designed to cover, a group of people; and

(c) may cover a particular person (the new group member) if the person elects to be covered by the financial product.

(2) The issuer must take reasonable steps to ensure that the new group member is given a Product Disclosure Statement for the financial product in accordance with this Division before the new group member makes an election to be covered by the financial product.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

(3) For the purposes of this section, a person is covered by a financial product if benefits are, or may be, provided under the financial product directly to:

(a) the person; or

(b) a relative of the person; or

(c) a person nominated by the person.

Related sections

• s 1012F — Product Disclosure Statement for certain superannuation products may be provided later
• s 1012G — Product Disclosure Statement may sometimes be provided later
• s 1012GA — Product Disclosure Statement for certain general insurance product quotes may be provided later, or is not required
• s 1012I — Obligation to give employer a Product Disclosure Statement in relation to certain superannuation products and RSAs
• s 1012IA — Treatment of arrangements under which a person can instruct another person to acquire a financial product
• s 1012J — Information must be up to date

Research how courts apply s 1012H

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