Document ID: chunk:federal_register_of_legislation:F2024C01150:reg:12b
Version: federal_register_of_legislation:F2024C01150
Segment Type: reg
Provision Reference: reg 12B
Character Range: 45440–46664

12B  Deferred sales model exemptions
 (1) For the purposes of subsection 12DX(1) of the Act, the following classes of add‑on insurance products are exempted from sections 12DQ, 12DR and 12DS of the Act:
 (a) add‑on comprehensive motor vehicle or vessel insurance products;
 (b) add‑on compulsory third party motor vehicle insurance products;
 (c) add‑on home and contents insurance products;
 (d) add‑on home building insurance products;
 (e) add‑on landlord insurance products;
 (f) add‑on limited motor vehicle or vessel insurance products;
 (g) add‑on transport and delivery insurance products;
 (h) add‑on travel insurance products;
 (i) business‑related add‑on insurance products;
 (j) superannuation‑related add‑on insurance products.
 (2) This regulation does not apply to an add‑on insurance product that relates to a principal product or service (within the meaning of section 12DO of the Act) if:
 (a) a person enters into a commitment to acquire the principal product or service after the end of the period of 5 years beginning on the day this regulation commences; or
 (b) a person acquires the principal product or service after the end of that period without previously having entered into such a commitment.