(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
(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.