Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DY

  (1)   ASIC may, by notifiable instrument, exempt from sections   12DQ, 12DR and 12DS:

  (a)   an add - on insurance product sold by a specified person; or

  (b)   a class of add - on insurance products sold by a specified person.

Note:   For review of a decision to refuse to make an exemption under subsection   (1), or to vary or revoke such an exemption, see section   244.

  (2)   In considering whether to make an exemption under subsection   (1), ASIC must have regard to the following:

  (a)   any evidence as to whether the add - on insurance product, or the class of add - on insurance products, has historically been good value for money;

  (b)   whether, without an exemption, there is a high risk of underinsurance or non - insurance;

  (c)   any evidence as to whether the add - on insurance product, or the class of add - on insurance products, is well understood by consumers;

  (d)   any differences between the add - on insurance product, or add - on insurance products in the class, and financial products of a similar kind that are not sold as add - on insurance products;

  (e)   any other matters that ASIC considers relevant.

Conditions on exemptions

  (3)   An exemption under subsection   (1) may be subject to conditions specified in the exemption.

Note 1:   A person who contravenes a condition may commit an offence (see section   12DZA).

Note 2:   For review of a decision to impose or vary a condition on an exemption under subsection   (1), see section   244.