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ASIC remakes insurance class order

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The Australian Securities and Investments Commission has remade a class order relating to general insurance product distribution, so the effect continues after the expiry date of next April.

It says the order giving relief on distribution has been remade without significant changes.

The corporations (basic deposit and general insurance product distribution) instrument 2015/682 replaces class order 05/1070 on general insurance distributors.

All the regulator’s class orders have sunset clauses – meaning they are repeated automatically – that are mostly of 10 years’ duration.