Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.17

Meaning of retail client and wholesale client: personal and domestic property insurance product

             (1)  For subparagraph 761G(5)(b)(vii) of the Act, a personal and domestic property 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 loss or damage to property that is:

                     (a)  wholly or predominantly used for personal, domestic or household purposes by:

                              (i)  the insured; or

                             (ii)  a relative of the insured; or

                            (iii)  any person with whom the insured resides; and

                     (b)  ordinarily used for that purpose.

             (2)  A personal and domestic property 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:

property includes any of the following:

                     (a)  moveables;

                     (b)  valuables;

                     (c)  a caravan or mobile home;

                     (d)  an on-site mobile home;

                     (e)  a trailer;

                      (f)  a marine pleasure craft;

                     (g)  a horse;

                     (h)  a domestic pet;

                      (i)  a mobile phone.

relative means any of the following relatives of an insured person:

                     (a)  mother;

                     (b)  step-mother;

                     (c)  father;

                     (d)  step-father;

                     (e)  brother;

                      (f)  half-brother;

                     (g)  sister;

                     (h)  half-sister;

                      (i)  spouse (including defacto spouse);

                      (j)  son;

                     (k)  step-son;

                      (l)  adopted son;

                    (m)  daughter;

                     (n)  step-daughter;

                     (o)  adopted daughter;

                     (p)  grandparent;

                     (q)  grandchild;

                      (r)  nephew;

                      (s)  niece;

                      (t)  uncle;

                     (u)  aunt;

                     (v)  mother-in-law;

                    (w)  father-in-law.

             (4)  For paragraph (1)(a), property is taken to be wholly or predominantly used for personal, domestic or household purposes if the insured gives the insurer a statement, before the insurance product is issued, that the property is intended to be used wholly or predominantly for 1 or more of those purposes.



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