AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DZA Contravention of conditions on exemption

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DZA

  (1)   A person who:

  (a)   sells or offers to sell an add - on insurance product, if an exemption under section   12DX or 12DY applies to the product; or

  (b)   sells a product or service, if:

  (i)   there is an arrangement between the person and another person that relates to the provision by the other person of add - on insurance products in relation to that kind of product or service; and

  (ii)   an exemption under section   12DX or 12DY applies to any of those add - on insurance products; or

  (c)   offers an add - on insurance product for issue or sale to a consumer, or requests or invites a consumer to ask or apply for an add - on insurance product or to purchase an add - on insurance product, where an exemption under section   12DX or 12DY applies to the add - on insurance product;

must not contravene a condition of the exemption.

Note:   Failure to comply with this subsection is an offence (see section   12GB).

Product intervention orders

  (2)   Subsection   (1) does not apply to an add - on insurance product if:

  (a)   a product intervention order is in force under Part   7.9A of the Corporations Act 2001 in relation to the product; and

  (b)   the product intervention order provides for a period during which the product must not be sold.