Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.17   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : PERSONAL AND DOMESTIC PROPERTY INSURANCE PRODUCT  

7.1.17(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.

7.1.17(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.

7.1.17(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 de facto 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.

7.1.17(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.