Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.11   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : MOTOR VEHICLE INSURANCE PRODUCT  

7.1.11(1)   [ ``motor vehicle insurance product'']  

For subparagraph 761G(5) (b)(i) of the Act, a motor vehicle 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 one or more of the following:

(a) loss of, or damage to, a motor vehicle;

(b) liability for loss of, or damage to, property caused by or resulting from impact of a motor vehicle with some other thing.

7.1.11(2)   [ Exclusions]  

A motor vehicle 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.

7.1.11(3)   [ ``motor vehicle'']  

In this regulation:

motor vehicle
means a vehicle that is designed:

(a) to travel by road; and

(b) to use volatile spirit, steam, gas, oil, electricity or any other power (not being human power or animal power) as its principal means of propulsion; and

(c) to carry passengers;

and includes a motor cycle.

7.1.11(4)   [ Exclusions]  

However, a motor vehicle does not include:

(a) an omnibus; or

(b) a tram; or

(c) a motor vehicle the carrying capacity of which exceeds 2 tonnes.