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.