Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 3   Deferred sales model for add-on insurance

Australian Securities and Investments Commission Act 2001

18   In the appropriate position

Insert:

Part 31 - Application and transitional provisions relating to Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020

329 Application - deferred sales model for add-on insurance

(1) The amendments made by Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 apply in relation to a principal product or service (within the meaning of section 12DO) if:

(a) a person enters into a commitment to acquire the principal product or service on or after the commencement of that Schedule; or

(b) a person acquires the principal product or service on or after the commencement of that Schedule without previously having entered into such a commitment.

(2) Regulations made for the purposes of subsection 12DO(3) apply for the purposes of this section.