Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.14   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : SICKNESS AND ACCIDENT INSURANCE PRODUCT  

7.1.14(1)   [ ``sickness and accident insurance product'']  

For subparagraph 761G(5) (b)(iv) of the Act, a sickness and accident insurance product is a contract or part of a contract that has either of the following characteristics:

(a) the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of the insured person contracting a sickness or disease or a specified sickness or disease or sustaining an injury or a specified injury;

(b) if the insured person dies as a result of the sickness, disease or injury, the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of the death.

7.1.14(2)   [ Exclusions]  

A sickness and accident insurance product does not include:

(a) sickness and accident policies which are guaranteed ``renewable'' at the option of the insured or where the insurer guarantees not to cancel the policy in response to a change in the risk where such a policy has been effected for a predetermined period of years in excess of 1 year; or

(b) insurance to or in relation to which the Marine Insurance Act 1909 applies; or

(c) 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; or

(d) insurance that:

(i) provides cover for the death of, or injury to, a driver of a motor vehicle which is caused by the fault of that person when driving; and

(ii) is provided only in conjunction with, and at no extra cost to, insurance mentioned in subparagraph (c)(ii).

Note: See also regulation 7.9.14B.