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

Schedule 3   Deferred sales model for add-on insurance

Corporations Act 2001

22   After subsection 992A(2)

Insert:

(3) However, paragraph (2)(b) does not apply if:

(a) making the offer, request or invitation is covered by any of sections 12DU to 12DY of the Australian Securities and Investments Commission Act 2001; or

(b) the offer, request or invitation is made after the end of the period of 6 weeks beginning on the end of the first day of:

(i) the add-on insurance deferral period (within the meaning of section 12DP of that Act) in relation to the consumer acquiring, or entering into a commitment to acquire, the principal product or service; or

(ii) if there is no such add-on insurance deferral period - the add-on insurance pre-deferral period (within the meaning of that section).