Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For subparagraph 761G(5)(b) (iii) of the Act, a home contents 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 of or damage to the contents of a residential building.
A home contents 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.
In this regulation:
contents
, in relation to a residential building, means any of the following items:
(a) furniture, furnishings and carpets (whether fixed or unfixed);
(b) household goods;
(c) clothing and other personal effects;
(d) a picture;
(e) a work of art;
(f) a fur;
(g) a piece of jewellery;
(h) a gold or silver article;
(i) a document of any kind;
(j) a collection of any kind;
(k) swimming pools that:
(i) are not fixtures; and
but does not include an article or thing to which the definition of residential building applies.
(ii) are owned by the insured or by a member of the insured ' s family ordinarily residing with the insured;
(a) a building used principally and primarily as a place of residence on the site; and
(b) out-buildings used for domestic purposes, being purposes related to the use of the principal residence on the site.
A residential building does not include:
(a) a hotel; or
(b) a motel; or
(c) a boarding house; or
(d) a building that is in the course of construction; or
(e) a temporary building or structure or a demountable or moveable structure.
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