Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p11
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 11/19)
Character Range: 1399002–1401710

is a pension issued by a superannuation fund the rules of which do not allow a member to receive accumulated benefits in a form other than a pension from that fund;
 (g) a risk insurance product that is:
 (i) of less than 12 months duration; and
 (ii) a renewal of an existing product on the terms and conditions to which the product is currently subject;
 (h) a managed investment product in relation to which subsection 1016D(1) of the Act applies;
 (ha) a foreign passport fund product in relation to which subsection 1016D(1) of the Act applies;
 (hb) a security in a CCIV in relation to which subsection 1016D(1) of the Act applies;
 (i) a managed investment product:
 (i) to which Chapter 6D of the old Corporations Act applied; and
 (ii) that was listed before the FSR commencement.
 (2) For paragraph 1020G(1)(a) of the Act, a reference in paragraph 1019A(3)(a) of the Act to a client does not include a person who holds a superannuation product as a standard employer‑sponsor member.

7.9.64A  Notification of exercise of right of return—risk insurance products
  For paragraph 1019B(2)(c) of the Act, a right of return may be exercised in relation to a risk insurance product by notifying the responsible person in a way permitted by the responsible person.

7.9.65  Return of financial product: general
 (1) For subsection 1019B(5A) of the Act, the right to return the risk insurance product for an event that will start and end within the 14 day period mentioned in subsection 1019B(3) of the Act (and to have money paid to acquire the risk insurance product repaid) cannot be exercised at any time after the end of the period starting when the risk insurance product was provided and ending on the earlier of:
 (a) the 14‑day period mentioned in subsection 1019B(3) of the Act; and
 (b) the start of the event.
Example: Short‑term travel insurance.
 (1A) For subsection 1019B(5A) of the Act, if:
 (a) a person acquires an interest in a managed investment scheme; and
 (b) the interest is a managed investment product or a foreign passport fund product; and
 (c) the person acquires one or more other interests in that managed investment scheme in the course of the same transaction;
the person cannot exercise a right to return the product otherwise than by returning all of those interests.
Note: For the purposes of the Act and these Regulations, managed investment schemes include notified foreign passport funds: see section 1213E of 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