Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p12
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 12/19)
Character Range: 1401453–1404200

the Act.
 (2) In this regulation:
event means the commencement of the process in relation to which the risk insurance product was entered into.
Examples:
1 For insurance on household goods during removal, the commencement of loading a transportation vehicle is the event.
2 For travel insurance, the commencement of the journey is the event.

7.9.66  Return of financial product: superannuation and RSAs
 (2) For subsection 1019B(2) of the Act, it is a requirement of the exercise of the right to return a superannuation product or RSA that, if the money to be repaid includes:
 (a) restricted non‑preserved benefits within the meaning of the SIS Regulations; or
 (b) preserved benefits within the meaning of the SIS Regulations;
the holder of the product must nominate a superannuation entity or RSA into which the money representing restricted non‑preserved benefits or preserved benefits is to be repaid.
 (3) The right of return is taken to have been exercised only on receipt by the responsible person of the nomination.
 (4) The holder must make the nomination not later than 1 month after notifying the responsible person of the right to exercise the right of return.
 (5) The holder must notify the responsible person in writing or by electronic means.
 (6) For subsection 1019B(7) of the Act, if:
 (a) a holder nominates a superannuation entity or RSA; and
 (b) the superannuation entity or RSA does not accept the nomination;
the responsible person may rollover or transfer the holder's benefits to an eligible rollover fund.
 (7) For subsection 1019B(7) of the Act, if the right of return is exercised, the responsible person must return the money as directed.

7.9.67  Variation of amount to be repaid
 (1) For subsection 1019B(8) of the Act, the amount to be repaid on an exercise of the right to return a financial product is to be varied in accordance with this regulation.

Investment‑linked product
 (2) If:
 (a) the financial product is:
 (i) an investment‑linked product within the meaning of the Insurance Contracts Act 1984; or
 (ii) a managed investment product; or
 (iia) a foreign passport fund product; or
 (iib) a security in a CCIV; or
 (iii) a superannuation product (subject to the governing rules of the issuer of the superannuation product relevant to the redemption of superannuation interests); and
 (b) on the day on which the responsible person receives notification from the product holder exercising the holder's right to return, the amount that would have been the price at which the product was acquired (the allocation price) if the product had been acquired on that day is less than the allocation price on the day on which the product was acquired;
the amount that would otherwise be repaid may be reduced