Commonwealth Consolidated Regulations

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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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