Document ID: chunk:federal_register_of_legislation:F2021L01042:schedule:2:p1
Version: federal_register_of_legislation:F2021L01042
Segment Type: schedule
Provision Reference: sch 2 (pt 1/3)
Character Range: 580–3558

Schedule 2—Prescribed information in hard copy

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632.

2 Commencement
This instrument commences on the later of:
           (a) the day after it is registered on the Federal Register of Legislation; and
           (b) 5 October 2021.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under subsection 12DP(4) of the Australian Securities and Investments Commission Act 2001.

4 Definitions
In this instrument:

Act means the Australian Securities and Investments Commission Act 2001.

add‑on insurance deferral period has the same meaning as in subsection 12DP(1) of the Act.

customer has the same meaning as in subsection 12DP(1) of the Act.

electronic communication has the meaning given in paragraph (a) of the definition of electronic communication in section 5 of the Electronic Transactions Act 1999.

opt-out mechanism means the way or ways by which a customer can inform any person referred to in section 12DS of the Act that they do not wish to receive offers of add-on insurance products, or requests or invitations for the customer to ask or apply for add-on insurance products, in relation to a principal product or service.

prescribed information has the meaning given in subsection 5(1).

principal product or service has the same meaning as in subsection 12DP(1) of the Act.
WCAG 2.0 means the Web Content Accessibility Guidelines published on 11 December 2008 developed by the Accessibility Guidelines Working Group which is part of the World Wide Web Consortium Web Accessiblity Initiative.

       Part 2—Information under the deferred sales model for add-on insurance

5 Information that must be given to the customer
Prescribed information
(1) For the purposes of paragraph 12DP(1) of the Act, the information (prescribed information) set out in:
           (a) Schedule 1 is determined in relation to giving a customer information by electronic communication in relation to a principal product or service and an add-on insurance product; and
           (b) Schedule 2 is determined in relation to giving a customer information in hard copy in relation to a principal product or service and an add-on insurance product.
           Note:  In order for there to be an add-on insurance deferral period in relation to an add-on insurance product, the prescribed information will need to be given in relation to that add-on insurance product.
Electronic provision of the prescribed information
(2)   Where the prescribed information is given by electronic communication:
           (a)  the information must:
              (i) be in the sequence set out in Schedule 1; and
              (ii) be displayed in the body of the electronic communication, and not in an attachment or via a link; and
              (iii) be displayed in a format that complies with