Corporations Amendment Regulations 2002 (No. 4) (53 of 2002)

Schedule 1   Amendments taken to have commenced at 12.01 am (in the Australian Capital Territory) on 11 March 2002

[2]   After subregulation 7.7.02 (2)

insert

(3) For subsection 941C (8) of the Act, a Financial Services Guide does not have to be given to a client in the following circumstances:

(a) a person ( person 1 ) makes an inquiry by telephone in relation to the rental of a vehicle from another person ( person 2 );

(b) as a result of that inquiry, it becomes apparent to person 2 that a financial service will be, or is likely to be, provided to person 1;

(c) the financial service is the issue of an insurance product that relates to either or both of:

(i) the accidental death of, or bodily injury to, a person caused by an accident in connection with the use of the rented vehicle during the rental period; and

(ii) the loss or destruction of, or damage to, either or both of baggage and personal effects belonging to a person in the rented vehicle caused by an insured event during the rental period;

(d) person 2 makes arrangements for a document that is the equivalent of a Financial Services Guide to be given to person 1 not later than the start of the event.

(4) In this regulation:

event means the commencement of the process in relation to which an insurance product has been entered into.

Example

The commencement of the journey for a rented vehicle or a use to which the insurance product relates.