Document ID: chunk:federal_register_of_legislation:C2013C00529:clause:1_961b:p2
Version: federal_register_of_legislation:C2013C00529
Segment Type: clause
Provision Reference: sch 1 cl 961B (pt 2/2)
Character Range: 10350–11633

by arrangement with an Australian ADI under the name of the Australian ADI;
the provider satisfies the duty in subsection (1) if the provider takes the steps mentioned in paragraphs (2)(a), (b) and (c).

General insurance products—best interests duty satisfied if certain steps are taken
 (4) If the subject matter of the advice sought by the client is solely a general insurance product, the provider satisfies the duty in subsection (1) if the provider takes the steps mentioned in paragraphs (2)(a), (b) and (c).
Note: A responsible licensee or an authorised representative may contravene a civil penalty provision if a provider fails to comply with this section (see sections 961K and 961Q). The provider may be subject to a banning order (see section 920A).

Regulations
 (5) The regulations may prescribe:
 (a) a step, in addition to or substitution for the steps mentioned in subsection (2), that the provider must, in prescribed circumstances, prove that the provider has taken, to satisfy the duty in subsection (1); or
 (b) that the provider is not required, in prescribed circumstances, to prove that the provider has taken a step mentioned in subsection (2), to satisfy the duty in subsection (1); or
 (c) circumstances in which the duty in subsection (1) does not apply.