ASIC Deferred Sales Model Exemption (IAL—Business-Related Livestock Insurance) Instrument 2022/167 (Cth)

ASIC Deferred Sales Model Exemption (IAL—Business-Related Livestock Insurance) Instrument 2022/167 I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 29 March 2022

Rhys Bollen

Contents

Part 1—Preliminary 1 Name of notifiable instrument 2 Commencement 3 Repeal 4 Authority 5 Definitions Part 2—Exemption 6 Business-related livestock insurance sold by Insurance Australia Limited 7 Meaning of business-related livestock add-on insurance product

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3 Repeal This instrument is repealed on 5 October 2026.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.