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 Australia Limited ABN 11 000 016 722 for business-related livestock 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To be repealed 05 Oct 2026
Repealed by Self Repealing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 (IAL—Business-Related Livestock Insurance) Instrument 2022/167.

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This instrument is repealed on 5 October 2026.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 livestock add-on insurance product has the meaning given by section 7.

livestock animal means an animal kept or usually kept for the purposes of primary production and includes horses.

 


Part 2—Exemption

6        Business-related livestock insurance sold by Insurance Australia Limited

Sections 12DQ, 12DR and 12DS of the Act do not apply to business-related livestock add-on insurance products sold by Insurance Australia Limited ABN 11 000 016 722.

7        Meaning of business-related livestock add-on insurance product

An add‑on insurance product is a business-related livestock 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 main purpose of the add-on insurance product is to provide insurance cover (whether or not the cover is restricted) in respect of one or more of the following:

(i)      the death of a livestock animal;

(ii)     the loss of use of a bull, ram or stallion as a result of it becoming impotent, infertile or incapable of natural service.