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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DW Exception for comprehensive motor vehicle insurance

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DW

Exception for comprehensive motor vehicle insurance

  (1)   Section   12DQ does not apply in relation to the sale of an add - on insurance product by a person if the add - on insurance product provides insurance cover:

  (a)   to an individual who:

  (i)   wholly or partly owns a motor vehicle; or

  (ii)   has the use of a motor vehicle under a lease of at least 4 months' duration; and

  (b)   in respect of all of the following (whether or not the product also provides insurance cover in respect of other matters):

  (i)   loss of, or damage to, the motor vehicle resulting from an accident;

  (ii)   loss of, or damage to, property of another person resulting from an accident in which the motor vehicle is involved;

  (iii)   loss of, or damage to, the motor vehicle caused by fire, theft or malicious acts.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (1): see subsection   13.3(3) of the Criminal Code .

  (2)   Sections   12DR and 12DS do not apply in relation to an offer to issue or sell an add - on insurance product described in subsection   (1) of this section, or a request or invitation to ask or apply for such an add - on insurance product.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (2): see subsection   13.3(3) of the Criminal Code .

  (3)   In this section:

"motor vehicle" means a motor - powered vehicle that:

  (a)   is designed to travel by road; and

  (b)   is designed to carry passengers, or is a motorcycle; and

  (c)   does not have a carrying capacity that exceeds 2 tonnes.