Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
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
in the course of the specified journey in the event that the insured person does not commence or complete the specified journey;
(ii) accommodation to be used;
(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.
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.
In this regulation:
specified journey
means a journey in relation to which insurance cover is provided by the contract.
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