Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.15   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : CONSUMER CREDIT INSURANCE PRODUCT  

7.1.15(1)   [ ``consumer credit insurance product'']  

For subparagraph 761G(5) (b)(v) of the Act, a consumer credit insurance product is a contract or part of a contract that has the following characteristics:

(a) the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of:

(i) the death of the insured person; or

(ii) the insured person contracting a sickness or disease; or

(iii) the insured person sustaining an injury; or

(iv) the insured person becoming unemployed;

(b) the amount of the liability of the insurer under the contract is to be ascertained by reference to a liability of the insured person under a specified agreement to which the insured person is a party.

7.1.15(2)   [ Exclusions]  

A consumer credit 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.