ASIC Deferred Sales Model Exemption (HCF Life–Flip Accidental Injury Insurance) Instrument 2025-839
I, Pippa Lane, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.
Date 26 November 2025
Contents
Part 1—Preliminary
1 Name of notifiable instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Flip Active accidental injury insurance sold by HCF Life
Part 3—Repeal
6 Repeal
Part 1—Preliminary
1 Name of notifiable instrument
This is the ASIC Deferred Sales Model Exemption (HCF Life–Flip Accidental Injury Insurance) Instrument 2025-839.
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 Authority
This instrument is made under subsection 12DY(1) of the Australian Securities and Investments Commission Act 2001.
4 Definitions
In this instrument:
Act means the Australian Securities and Investments Commission Act 2001.
Flip Active add-on insurance product means an add-on insurance product that:
(a) is offered or sold to a consumer in connection with the consumer acquiring or entering into a commitment to acquire, a product or service related to a sports or recreational activity that is undertaken, or is to be undertaken, in Australia or New Zealand; and
(b) provides insurance cover under a contract of insurance to which HCF Life and Flip Insurance Pty Ltd ABN 71 648 680 960 are parties, for an aggregate term of up to 7 days, whether or not the days are consecutive; and
(c) provides insurance cover to the consumer or any other person who is named on the certificate of insurance and for whom the consumer is purchasing insurance cover, including without limitation, a family member of the person; and
(d) provides a benefit in respect of accidental injury suffered in Australia or New Zealand; and
(e) does not provide insurance cover in respect of accidental injury suffered outside of Australia or New Zealand.
HCF Life means HCF Life Insurance Company Pty Ltd ABN 37 001 831 250.
Part 2—Exemption
5 Flip Active accidental injury insurance sold by HCF Life
Sections 12DQ, 12DR and 12DS of the Act do not apply to Flip Active add-on insurance products sold by HCF Life through the Flip Insurance digital channels, including the flipinsurance.com.au website.
Part 3—Repeal
6 Repeal
This instrument is repealed at the start of 20 November 2030.
Overview
The ASIC Deferred Sales Model Exemption (HCF Life–Flip Accidental Injury Insurance) Instrument 2025-839, enacted by Pippa Lane, a delegate of the Australian Securities and Investments Commission, was introduced to address a specific gap in the regulation of add-on accidental injury insurance products sold by HCF Life through the Flip Insurance digital channels. This instrument was created to provide an exemption from certain sections of the Australian Securities and Investments Commission Act 2001, specifically sections 12DQ, 12DR, and 12DS, for these particular insurance products. The exemption is designed to allow HCF Life to continue selling Flip Active add-on insurance products, which are offered in connection with sports or recreational activities in Australia or New Zealand, without being subject to the deferred sales model requirements of the Act. The policy objective behind this exemption is to facilitate the smooth operation of these specific insurance products while maintaining a regulatory framework that ensures consumer protection.
Scope and Application
The ASIC Deferred Sales Model Exemption (HCF Life–Flip Accidental Injury Insurance) Instrument 2025-839 applies specifically to the sale of Flip Active accidental injury insurance products by HCF Life through the Flip Insurance digital channels, including their website. This exemption operates under the Australian Securities and Investments Commission Act 2001, and it excludes certain sections of the Act from applying to these particular insurance products. The exemption is geographically focused on insurance products that provide coverage for accidental injuries occurring in Australia or New Zealand. Notably, this exemption is not applicable to insurance products that offer coverage for accidental injuries outside of these regions. The instrument came into effect on the day after its registration on the Federal Register of Legislation and will be repealed at the start of 20 November 2030, unless otherwise extended or modified by subordinate instruments.
Key Provisions
The ASIC Deferred Sales Model Exemption (HCF Life–Flip Accidental Injury Insurance) Instrument 2025-839 (the Instrument) provides specific exemptions under the Australian Securities and Investments Commission Act 2001 (the Act) concerning the sale of Flip Active accidental injury insurance products. Under section 5 of Part 2, the provisions of sections 12DQ, 12DR, and 12DS of the Act are not applicable to Flip Active add-on insurance products sold by HCF Life through the Flip Insurance digital channels, including the flipinsurance.com.au website. This means that certain deferred sales model requirements do not apply to these particular insurance products when sold in this manner.
The Instrument imposes obligations on HCF Life, the entity selling the Flip Active add-on insurance products, to ensure compliance with the exemptions granted by the Instrument. HCF Life must adhere to the specific conditions outlined in the Instrument, which primarily involve selling the insurance products through the specified digital channels without triggering the deferred sales model requirements. Additionally, the Instrument requires HCF Life to maintain records and documentation to demonstrate compliance with the exemptions provided, should regulatory scrutiny occur.
Breaches of the conditions set out in the Instrument may result in civil or criminal consequences. While the Instrument does not specify particular offences or penalties, any failure to comply with the Act's provisions, which the Instrument is intended to exempt from, could lead to enforcement actions by the Australian Securities and Investments Commission (ASIC). This might include fines, legal proceedings, or other regulatory sanctions as determined by ASIC under the relevant sections of the Act. The maximum penalties for contravening the Act can be substantial, reflecting the importance of compliance with financial services regulations in Australia.