ASIC has made class order relief to permit a Product Disclosure Statement (PDS) for a general insurance product to be provided after the quote is given during a telephone call. Relief provided by Class Order [CO 11/842] applies the requirement to give a PDS differently depending on whether the client wants to be given a PDS at or around the time the quote is given. Under the relief, the client can choose to receive the PDS, and, if they do, the general insurer or intermediary must give a PDS as soon as practicable after the quote is given. This means that the PDS can be given after the telephone call. The relief given by ASIC does not affect the time at which a PDS must be given if a quote is given during an unsolicited telephone call, or is otherwise unsolicited by the retail client.
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