Federal Register of Legislation - Australian Government

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Other as made
This instrument prohibits a person making an offer to issue or sell a life risk insurance product or consumer credit insurance product to a retail client in the course of, or because of, an unsolicited telephone call unless the person, or another person acting on their behalf, has provided personal advice to the client in relation to the product.
Administered by: Treasury
Registered 04 Dec 2019
Tabling HistoryDate
Tabled HR05-Dec-2019
Tabled Senate04-Feb-2020
Table of contents.

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ASIC Corporations (Hawking—Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    27 November 2019

 

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839.

2        Commencement

This instrument commences on the later of:

(a)     13 January 2020; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under subsection 992B(1) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

consumer credit insurance product has the same meaning as in regulation 7.1.15 of the Corporations Regulations 2001.

life risk insurance product means a financial product described in paragraph 764A(1)(e) of the Act.


Part 3—Declaration

5        Modifying the exemption from the hawking prohibition

Part 7.8 of the Act applies in relation to life risk insurance products and consumer credit insurance products as if subsection 992A(3) were modified or varied as follows:

(a)     omit paragraph (aa), substitute:

“(aa)  an unsolicited telephone call to another person unless the other person has been provided with personal advice in relation to the financial product by the person who made the offer or a person acting on behalf of that person; or”;

(b)     omit “unless the other person has been:”, substitute “unless, in relation to paragraph (ab), the other person has been:”.