Commonwealth Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


Meaning of retail client and wholesale client: consumer credit insurance product

             (1)  For subparagraph 761G(5)(b)(v) of the Act, a consumer credit insurance product is a contract or part of a contract that has the following characteristics:

                     (a)  the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of:

                              (i)  the death of the insured person; or

                             (ii)  the insured person contracting a sickness or disease; or

                            (iii)  the insured person sustaining an injury; or

                            (iv)  the insured person becoming unemployed;

                     (b)  the amount of the liability of the insurer under the contract is to be ascertained by reference to a liability of the insured person under a specified agreement to which the insured person is a party.

             (2)  A consumer credit 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.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback