Federal Register of Legislation - Australian Government

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This instrument gives effect to an exemption for the Deferred Sales Model granted under paragraph 12DY(1)(b) of the Australian Securities and Investments Commission Act 2001 to Toyota Finance Australia Ltd ABN 48 002 435 181 for business-related motor vehicle bailment insurance.
Administered by: Treasury
Registered 30 Mar 2022
To be repealed 05 Oct 2026
Repealed by Self Repealing
Table of contents.

Commonwealth Coat of Arms and ASIC logo

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

 

Date    29 March 2022

 

 

Rhys Bollen

 



Part 1—Preliminary

1        Name of notifiable instrument

This is the ASIC Deferred Sales Model Exemption (TFAL—Business‑Related Motor Vehicle Bailment Insurance) Instrument 2022/166.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

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

3        Repeal

This instrument is repealed on 5 October 2026.

4        Authority

This instrument is made under paragraph 12DY(1)(b) of the Australian Securities and Investments Commission Act 2001.

5        Definitions

In this instrument:

Act means the Australian Securities and Investments Commission Act 2001.

business-related motor vehicle bailment add-on insurance product has the meaning given by section 7.

 


Part 2—Exemption

6        Business-related motor vehicle bailment insurance sold by Toyota Finance Australia Ltd

Sections 12DQ, 12DR and 12DS of the Act do not apply to business‑related motor vehicle bailment add-on insurance products sold by Toyota Finance Australia Ltd ABN 48 002 435 181.

7        Meaning of business‑related motor vehicle bailment add-on insurance product

An add‑on insurance product is a business-related motor vehicle bailment add-on insurance product if:

(a)     the add‑on insurance product is offered or sold to a consumer in connection with the consumer acquiring, or entering into a commitment to acquire, another product or service in the course of the consumer carrying on a business; and

(b)     the price of the add‑on insurance product does not exceed $1,000; and

(c)     the add-on insurance product provides insurance cover (whether or not the cover is restricted) in respect of the destruction or loss of, or damage, to a motor vehicle; and

(d)     the motor vehicle is bailed to the consumer under a bailment agreement to which the consumer is a party.