Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.16

Meaning of retail client and wholesale client: travel insurance product

             (1)  For subparagraph 761G(5)(b)(vi) of the Act, a travel 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)  financial loss in respect of:

                              (i)  fares for any form of transport to be used; or

                             (ii)  accommodation to be used;

                            in the course of the specified journey in the event that the insured person does not commence or complete the specified journey;

                     (b)  loss of or damage to personal belongings that occurs while the insured person is on the specified journey;

                     (c)  a sickness or disease contracted or an injury sustained by the insured person while on the specified journey;

                     (d)  loss, damage or compensation for an event occurring to the insured person during a specified journey that ordinarily forms a part of insurance commonly regarded as travel insurance, including

                              (i)  loss of cash or credit cards; and

                             (ii)  legal liability; and

                            (iii)  hijack; and

                            (iv)  kidnap; and

                             (v)  ransom.

             (2)  A travel 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:

specified journey means a journey in relation to which insurance cover is provided by the contract.



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