Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_764a:p2
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 764A (pt 2/2)
Character Range: 55485–57773

an employee of the employer;
 (f) a life policy, or a sinking fund policy, within the meaning of the Life Insurance Act 1995, that is not a contract of insurance, but not including such a policy:
 (i) to the extent that it provides for a benefit to be provided by an association of employees that is an organisation within the meaning of the Workplace Relations Act 1996 for a member of the organisation or a dependant of a member; or
 (ii) to the extent that it provides for benefits, pensions or payments described in paragraph 11(3)(c) of the Life Insurance Act 1995; or
 (iii) to the extent that it provides for the provision of a funeral benefit; or
 (iv) issued by an employer to an employee of the employer;
 (g) a superannuation interest within the meaning of the Superannuation Industry (Supervision) Act 1993;
 (h) an RSA (retirement savings account) within the meaning of the Retirement Savings Accounts Act 1997;
 (i) any deposit‑taking facility made available by an ADI (within the meaning of the Banking Act 1959) in the course of its banking business (within the meaning of that Act), other than an RSA (RSAs are covered by paragraph (h));
 (j) a debenture, stock or bond issued or proposed to be issued by a government;
 (k) a foreign exchange contract that is not:
 (i) a derivative (derivatives are covered by paragraph (c)); or
 (ii) a contract to exchange one currency (whether Australian or not) for another that is to be settled immediately;
 (m) anything declared by the regulations to be a financial product for the purposes of this section.

Note: Even though something is expressly excluded from one of these paragraphs, it may still be a financial product (subject to Subdivision D) either because:

(a) it is covered by another of these paragraphs; or

(b) it is covered by the general definition in Subdivision B.

 (2) For the purpose of paragraphs (1)(d), (e) and (f), contract of insurance includes:
 (a) a contract that would ordinarily be regarded as a contract of insurance even if some of its provisions are not by way of insurance; and
 (b) a contract that includes provisions of insurance in so far as those provisions are concerned, even if the contract would not ordinarily be regarded as a contract of insurance.

Subdivision D—Specific exclusions