Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DS

  (1)   A person (the first person ) contravenes this subsection if:

  (a)   another person (the customer ) acquires, or enters into a commitment to acquire, a product or service (the principal product or service ); and

  (b)   the first person offers a financial product for issue or sale to the customer, or requests or invites the customer to ask or apply for a financial product or to purchase a financial product; and

  (c)   the financial product is an add - on insurance product in relation to the principal product or service; and

  (d)   before the offer, request or invitation is made, the customer informs the first person that the customer does not want to receive such offers, requests or invitations.

Note:   Failure to comply with this subsection is an offence (see section   12GB).

  (2)   A person (the first person ) contravenes this subsection if:

  (a)   another person (the customer ) acquires, or enters into a commitment to acquire, a product or service (the principal product or service ); and

  (b)   the first person offers a financial product for issue or sale to the customer, or requests or invites the customer to ask or apply for a financial product or to purchase a financial product; and

  (c)   the financial product is an add - on insurance product in relation to the principal product or service; and

  (d)   before the offer, request or invitation is made, the customer informs any of the following that the customer does not want to receive such offers, requests or invitations:

  (i)   the person who provided the principal product or service (if that person is not the first person);

  (ii)   any person (other than the first person) with whom the person mentioned in subparagraph   (i) has an arrangement of a kind mentioned in subparagraph   12DO(1)(b)(ii).