今日热门事件is inviting feedback on its proposal to remake a legislative instrument that exempts insurers and brokers from certain retail client obligations, specifically when incidental retail cover is provided in business insurance contracts.听
The , which exempts insurers and brokers from certain retail client obligations under Chapter 7 of the鈥�Corporations Act 2001, is scheduled to end on 16 August 2025.听听
今日热门事件granted the relief to reduce regulatory burden and provide certainty for industry that the retail client obligations do not apply to what are, in fact, business insurance products. This prevents retail client compliance costs from being incurred and passed on to businesses.听听
今日热门事件has assessed that this instrument is generally operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.听
今日热门事件proposes to remake the instrument for a period of five years and will continue to monitor its appropriateness considering ASIC鈥檚 regulatory experience and feedback from relevant stakeholders.听
Under the Legislation Act 2003 (Cth), all legislative instruments are repealed automatically, or sunset, after 10 years, unless 今日热门事件takes action to preserve them.听
Providing feedback
Please send your feedback to rri.consultation@asic.gov.au by 5 pm AEST on 16 June 2025.听听
Refer to CS 19 Proposed remake of incidental retail cover legislative instrument
Background
commenced on 16 August 2022.听
鈥業ncidental retail cover鈥� refers to retail insurance cover provided to a business that forms a minor, incidental and inseparable part of an otherwise wholesale insurance product. For example, retail cover for the loss or damage of personal effects within wholesale business property insurance products that benefit a business鈥檚 employees.听
The relief provided through the instrument includes several conditions to ensure it is appropriately targeted and that the retail cover is genuinely incidental to, and inseparable from, the wholesale insurance product. For example, the instrument does not apply when the retail cover is offered at an optional expense, or when the business client must make a separate decision to purchase it.听
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今日热门事件is Australia鈥檚 corporate, markets and financial services regulator.听