CORPORATIONS REGULATIONS 2001 - REG 7.1.17 Meaning of retail client and wholesale client : personal and domestic property insurance product

CORPORATIONS REGULATIONS 2001 - REG 7.1.17

  (1)   For subparagraph   761G(5)(b)(vii) of the Act, a personal and domestic property 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 loss or damage to property that is:

  (a)   wholly or predominantly used for personal, domestic or household purposes by:

  (i)   the insured; or

  (ii)   a relative of the insured; or

  (iii)   any person with whom the insured resides; and

  (b)   ordinarily used for that purpose.

  (2)   A personal and domestic property 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:

"property" includes any of the following:

  (a)   moveables;

  (b)   valuables;

  (c)   a caravan or mobile home;

  (d)   an on - site mobile home;

  (e)   a trailer;

  (f)   a marine pleasure craft;

  (g)   a horse;

  (h)   a domestic pet;

  (i)   a mobile phone.

"relative" means any of the following relatives of an insured person:

  (a)   mother;

  (b)   step - mother;

  (c)   father;

  (d)   step - father;

  (e)   brother;

  (f)   half - brother;

  (g)   sister;

  (h)   half - sister;

  (i)   spouse (including de facto spouse);

  (j)   son;

  (k)   step - son;

  (l)   adopted son;

  (m)   daughter;

  (n)   step - daughter;

  (o)   adopted daughter;

  (p)   grandparent;

  (q)   grandchild;

  (r)   nephew;

  (s)   niece;

  (t)   uncle;

  (u)   aunt;

  (v)   mother - in - law;

  (w)   father - in - law.

  (4)   For paragraph   (1)(a), property is taken to be wholly or predominantly used for personal, domestic or household purposes if the insured gives the insurer a statement, before the insurance product is issued, that the property is intended to be used wholly or predominantly for 1 or more of those purposes.