ASIC Corporations (Incidental Retail Cover) Instrument 2022/716

ASIC Corporations (Incidental Retail Cover) Instrument 2022/716

made under paragraphs 926A(2)(c), 951B(1)(c), 992B(1)(c), 994L(2)(c) and 1020F(1)(c) of the Corporations Act 2001.

Compilation No. 1 

Compilation date: 1 August 2025

Includes amendments up to: ASIC Corporations (Amendment) Instrument 2025/456 [F2025L00891]

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716 that shows the text of the law as amended and in force on 1 August 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument...........................................4

3 Authority............................................................4

4 Definitions..........................................................4

Part 2—Declaration..................................................5

5 Meaning of retail and wholesale client.....................................5

Part 3—Repeal......................................................6

6 Repeal..............................................................6

Endnotes...........................................................7

Endnote 1—About the endnotes..............................................7

Endnote 2—Abbreviation key...............................................8

Endnote 3—Legislation history..............................................9

Endnote 4—Amendment history............................................10

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

3 Authority

This instrument is made under paragraphs 926A(2)(c), 951B(1)(c), 992b(1)(c), 994L(2)(c) and 1020F(1)(c) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Declaration

5 Meaning of retail and wholesale client

Parts 7.6 (other than Divisions 4 and 8), 7.7, 7.8, 7.8A and 7.9 of the Act apply in relation to a general insurance product as if section 761G of the Act were modified or varied as follows:

(a) in paragraph (5)(b)(viii), omit “.”, substitute “; and”;

(b) after paragraph (5)(b), insert:

“(c) the general insurance product is not an incidental product.”;

(c) in subsection (12), before the definition of small business, insert:

“incidental product means a general insurance product (first product) in relation to which all the following apply:

(a) the first product is provided under a contract of insurance that includes another general insurance product (wholesale product) that is provided to the person as a wholesale client;

Note: See subsection 764A(1A) in relation to contracts of insurance that provide a kind of cover and subsection 764A(1B) in relation to contracts of insurance that provide a kind of cover in relation to 2 or more kinds of assets.

(b) the first product is incidental to the wholesale product;

(c) the first product is included in the contract of insurance and there has been no separate decision or election in relation to the first product by the person acquiring the wholesale product;

(d) the issuer of the first product and of the wholesale product does not offer the first product as a standalone general insurance product on the same terms;

(e) no separate premium is payable by the person acquiring the wholesale product for inclusion of the first product in the contract of insurance.”.

Part 3—Repeal

6 Repeal

This instrument is repealed at the start of 16 August 2030.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history