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ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 as in force on 5 October 2021. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 Distribution of certain banking and insurance products
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682.

3 Authority
This instrument is made under paragraph 926A(2)(c) of the Corporations Act 2001 (the Act).

4 Definitions
In this instrument:
bundled consumer credit insurance product means a facility that:
(a) is a consumer credit insurance product as defined by regulation 7.1.15 of the Corporations Regulations 2001; and
(b) constitutes both:
(i) a general insurance product; and
(ii) a life risk insurance product.

Part 2—Declaration

5 Distribution of certain banking and insurance products
(1) Part 7.6 (other than Divisions 4 and 8) of the Act applies in relation to a financial services licensee (licensee) and a person (the distributor) authorised to provide financial services on behalf of the licensee as if provisions of that Part were modified or varied as follows:
(a) in section 910A, before the definition of representative, insert:
"product distributor means, in relation to a financial services licensee:
(a) a person (the principal distributor), other than an employee of the licensee, who the licensee has authorised in writing to provide financial services on its behalf in relation to:
(i) a basic deposit product; or
(ii) a risk insurance product; and
(b) an individual who has been authorised in writing to provide those financial services on behalf of the licensee where:
(i) the authorisation has been provided by a principal distributor (with the written consent of the licensee); and
(ii) the principal distributor is not an individual.

                  Note:  The licensee may give written consent to the principal distributor to authorise individuals in respect of either a specified individual or a specified class of individuals (the membership of which may change from time to time)."; and

           (b) in section 910A, in the definition of representative, insert after subparagraph (a)(iii):
"(iiia) a product distributor of the licensee; or"; and

           (c) after paragraph 911B(1)(a), insert:
"(aa) these conditions are satisfied:
(i) the principal holds an Australian financial services licence covering the provision of the service;