Commonwealth Consolidated Regulations

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Life risk insurance products substantially related to existing products

             (1)  This regulation is made for the purposes of subsection 1549B(3) of the Act.

             (2)  The amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product issued to a person on or after the commencement day (the post-commencement product ) if:

                     (a)  the person held another life risk insurance product immediately before the commencement day (the pre-commencement product ); and

                     (b)  either:

                              (i)  the person acquires the post-commencement product by exercising an option given to the person under the pre-commencement product; or

                             (ii)  the person acquires the post-commencement product because the pre-commencement product was cancelled due to an administrative error.

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