The Australian Securities and Investments Commission has announced an extension of transitional relief for general insurers and actuaries until August 31 from the original June 20 deadline.

The regulator says Corporations Regulations modifying the application of financial services disclosure provisions to general insurance products have a transition period that expires on June 20.

“During the transition period, general insurers can either comply with the modified disclosure requirements, or continue to comply with the provisions as they stood before the modifications.”

Two sets of legislative changes will require insurers to make changes to their disclosure documentation. In February, the Federal Government announced amendments to the Insurance Contracts Act, which will affect the disclosure that must be provided by insurers within insurance contracts.

Then in March the Federal Government announced proposed new Corporations Amendment Regulations to simplify the financial services regime.