Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.65

Return of financial product: general

             (1)  For subsection 1019B(5A) of the Act, the right to return the risk insurance product for an event that will start and end within the 14 day period mentioned in subsection 1019B(3) of the Act (and to have money paid to acquire the risk insurance product repaid) cannot be exercised at any time after the end of the period starting when the risk insurance product was provided and ending on the earlier of:

                     (a)  the 14-day period mentioned in subsection 1019B(3) of the Act; and

                     (b)  the start of the event.

Example:    Short-term travel insurance.

          (1A)  For subsection 1019B(5A) of the Act, if:

                     (a)  a person acquires an interest in a managed investment scheme; and

                     (b)  the interest is a managed investment product; and

                     (c)  the person acquires one or more other interests in that managed investment scheme in the course of the same transaction;

the person cannot exercise a right to return the product otherwise than by returning all of those interests.

             (2)  In this regulation:

event means the commencement of the process in relation to which the risk insurance product was entered into.

Examples:

1                 For insurance on household goods during removal, the commencement of loading a transportation vehicle is the event.

2                 For travel insurance, the commencement of the journey is the event.



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