Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p52
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 52/148)
Character Range: 462939–465753

Australian Capital Territory and another insurer as joint insurers, is not a financial product.

7.1.07J  Specific things that are not financial products—carbon abatement
  For paragraph 765A(1)(y) of the Act, a carbon abatement contract is declared not to be a financial product.
Note: For carbon abatement contract, see subregulation 1.0.02(1).

7.1.08AA  Meaning of financial product advice—advice that is not regarded as a necessary part of providing claims handling and settling services

Advice about how to structure or use insurance claim payouts
 (1) For the purposes of paragraph 766B(7B)(b) of the Act, giving a recommendation or statement of opinion, or a report of either of those things, cannot reasonably be regarded as a necessary part of providing a claims handling and settling service if the recommendation, statement or report relates to:
 (a) how an amount to be paid to a person in settlement of a claim under an insurance product should be structured; or
 (b) the management or use of an amount paid, or to be paid, to a person in settlement of a claim under an insurance product.

Advice about other insurance products or financial products
 (2) For the purposes of paragraph 766B(7B)(b) of the Act, giving a recommendation or statement of opinion, or a report of either of those things, cannot reasonably be regarded as a necessary part of providing a claims handling and settling service if the recommendation, statement or report:
 (a) is given in response to a claim, or potential claim, made under an insurance product; and
 (b) relates to other insurance products not held by the person making the claim or financial products.

7.1.08  Meaning of financial product advice: exempt document or statement
 (1) For subparagraph (a)(ii) of the definition of exempt document or statement in subsection 766B(9) of the Act, the following documents and statements are prescribed (and so excluded from the definition):
 (a) a Product Disclosure Statement that:
 (i) contains personal advice; or
 (ii) contains general advice about a financial product other than a financial product to which the Statement relates;
 (b) a Financial Services Guide that contains personal advice;
 (c) a document or statement that would, but for this regulation, be an exempt document or statement only because it is prepared or given in accordance with section 1018A of the Act;
 (d) a record of advice mentioned in subsection 946B(3A) of the Act.
 (2) For subregulation (1), if a person:
 (a) acquires a financial product (product 1); and
 (b) will be able, by acquiring product 1, to give the product issuer an instruction to acquire a particular financial product or a financial product of a particular kind (within the meaning of section 1012IA of the Act) under a custodial arrangement (within the meaning of