Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.16   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : TRAVEL INSURANCE PRODUCT  

7.1.16(1)   [ ``travel insurance product'']  

For subparagraph 761G(5) (b)(vi) of the Act, a travel 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) financial loss in respect of:

(i) fares for any form of transport to be used; or

(ii) accommodation to be used;

in the course of the specified journey in the event that the insured person does not commence or complete the specified journey;

(b) loss of or damage to personal belongings that occurs while the insured person is on the specified journey;

(c) a sickness or disease contracted or an injury sustained by the insured person while on the specified journey;

(d) loss, damage or compensation for an event occurring to the insured person during a specified journey that ordinarily forms a part of insurance commonly regarded as travel insurance, including

(i) loss of cash or credit cards; and

(ii) legal liability; and

(iii) hijack; and

(iv) kidnap; and

(v) ransom.

7.1.16(2)   [ Exclusions]  

A travel 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.

7.1.16(3)   [ ``specified journey'']  

In this regulation:

specified journey
means a journey in relation to which insurance cover is provided by the contract.