ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632 (Cth)

ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632 I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 26 July 2021

Anthony Graham

Contents Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Information under the deferred sales model for add-on insurance 5 Information that must be given to the customer 6 How the information must be given Schedule 1—Prescribed information by electronic communication Schedule 2—Prescribed information in hard copy

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632.

2 Commencement This instrument commences on the later of: (a) the day after it is registered on the Federal Register of Legislation; and (b) 5 October 2021. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under subsection 12DP(4) of the Australian Securities and Investments Commission Act 2001.

4 Definitions In this instrument:

Act means the Australian Securities and Investments Commission Act 2001.

add‑on insurance deferral period has the same meaning as in subsection 12DP(1) of the Act.

customer has the same meaning as in subsection 12DP(1) of the Act.

electronic communication has the meaning given in paragraph (a) of the definition of electronic communication in section 5 of the Electronic Transactions Act 1999.

opt-out mechanism means the way or ways by which a customer can inform any person referred to in section 12DS of the Act that they do not wish to receive offers of add-on insurance products, or requests or invitations for the customer to ask or apply for add-on insurance products, in relation to a principal product or service.