ASIC Deferred Sales Model Exemption (TFAL—Business Related Motor Vehicle Bailment Insurance) Instrument 2022/166

ASIC Deferred Sales Model Exemption (TFAL—Business-Related Motor Vehicle Bailment Insurance) Instrument 2022/166

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 29 March 2022

Contents

Part 1—Preliminary

1 Name of notifiable instrument

2 Commencement

3 Repeal

4 Authority

5 Definitions

Part 2—Exemption

6 Bailment insurance sold by Toyota Finance Australia Ltd

7 Meaning of bailment add-on insurance product

Part 1—Preliminary

1 Name of notifiable instrument

This is the ASIC Deferred Sales Model Exemption (TFAL—Business‑Related Motor Vehicle Bailment Insurance) Instrument 2022/166.

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This instrument is repealed on 5 October 2026.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 motor vehicle bailment add-on insurance product has the meaning given by section 7.

Part 2—Exemption

6 Business-related motor vehicle bailment insurance sold by Toyota Finance Australia Ltd

Sections 12DQ, 12DR and 12DS of the Act do not apply to business‑related motor vehicle bailment add-on insurance products sold by Toyota Finance Australia Ltd ABN 48 002 435 181.

7 Meaning of business‑related motor vehicle bailment add-on insurance product

An add‑on insurance product is a business-related motor vehicle bailment 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 add-on insurance product provides insurance cover (whether or not the cover is restricted) in respect of the destruction or loss of, or damage, to a motor vehicle; and

(d) the motor vehicle is bailed to the consumer under a bailment agreement to which the consumer is a party.