Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.11

Meaning of retail client and wholesale client: motor vehicle insurance product

             (1)  For subparagraph 761G(5)(b)(i) of the Act, a motor vehicle insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of one or more of the following:

                     (a)  loss of, or damage to, a motor vehicle;

                     (b)  liability for loss of, or damage to, property caused by or resulting from impact of a motor vehicle with some other thing.

             (2)  A motor vehicle insurance product does not include:

                     (a)  insurance to or in relation to which the Marine Insurance Act 1909 applies; or

                     (b)  insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:

                              (i)  workers' compensation; or

                             (ii)  compulsory third party compensation.

             (3)  In this regulation:

motor vehicle means a vehicle that is designed:

                     (a)  to travel by road; and

                     (b)  to use volatile spirit, steam, gas, oil, electricity or any other power (not being human power or animal power) as its principal means of propulsion; and

                     (c)  to carry passengers;

and includes a motor cycle.

             (4)  However, a motor vehicle does not include:

                     (a)  an omnibus; or

                     (b)  a tram; or

                     (c)  a motor vehicle the carrying capacity of which exceeds 2 tonnes.



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