Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.14

Meaning of retail client and wholesale client: sickness and accident insurance product

             (1)  For subparagraph 761G(5)(b)(iv) of the Act, a sickness and accident insurance product is a contract or part of a contract that has either of the following characteristics:

                     (a)  the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of the insured person contracting a sickness or disease or a specified sickness or disease or sustaining an injury or a specified injury;

                     (b)  if the insured person dies as a result of the sickness, disease or injury, the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of the death.

             (2)  A sickness and accident insurance product does not include:

                     (a)  sickness and accident policies which are guaranteed 'renewable' at the option of the insured or where the insurer guarantees not to cancel the policy in response to a change in the risk where such a policy has been effected for a predetermined period of years in excess of 1 year; or

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

                     (c)  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; or

                     (d)  insurance that:

                              (i)  provides cover for the death of, or injury to, a driver of a motor vehicle which is caused by the fault of that person when driving; and

                             (ii)  is provided only in conjunction with, and at no extra cost to, insurance mentioned in subparagraph (c)(ii).

Note:          See also regulation 7.9.14B.



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