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CORPORATIONS REGULATIONS 2001 - REG 7.1.16 Meaning of retail client and wholesale client : travel insurance product

CORPORATIONS REGULATIONS 2001 - REG 7.1.16

Meaning of retail client and wholesale client : travel insurance product

  (1)   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.

  (2)   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.

  (3)   In this regulation:

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

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