Document ID: chunk:federal_register_of_legislation:C2025C00185:section:961b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 961B (pt 2/2)
Character Range: 4006764–4008074

(b) the subject matter of the advice sought by the client relates only to the following:
 (i) a basic banking product;
 (ii) a general insurance product;
 (iii) consumer credit insurance;
 (iv) a combination of any of those products;
the provider satisfies the duty in subsection (1) in relation to the advice given in relation to the basic banking product and the general insurance product 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) To the extent that the subject matter of the advice sought by the client is 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).

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.