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What is a Target Market Determination? (TMD)

To comply with new laws under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (from 5 October 2021), we are required to have Target Market Determinations per product. This is a document that describes who a product is appropriate for - ie. the target market - and any conditions around how the product can be distributed to customers.

This is to ensure we have a consumer-centric approach to the design and distribution of our products. The aim is to help consumers to obtain financial products that are appropriate for their objectives, financial situation and needs. It also describes the events or circumstances where we may need to review the Target Market Determination.

Product Name TMD Link

Flexible Residential Strata Plan Insurance 

For policies commencing from 1 September 2024 with a total sum insured $25 million and below and underwritten by certain underwriters at Lloyd’s  

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Residential Strata Plan Insurance

For policies commencing prior to 31st August 2024, underwritten by QBE; and

For policies commencing from 1 September 2024 with a sum insured above $25 million and underwritten by QBE 

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CHUiSAVER Underwriting Agency Pty Ltd (ABN 85 613 645 239, AFSL 491113) trading as Flex Insurance acts under a binding authority as an agent for certain underwriters at Lloyd’s and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545), the insurers of the products.

Terms, conditions, limits and exclusions apply to the products referred to above. Any advice contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to purchase the product or to continue to hold the product we recommend that you consider whether it is appropriate for your circumstances and read the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be which can be viewed on this website or obtained by contacting Flex Insurance directly.

Flex Insurance is a wholly owned subsidiary of CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFSL 243261) (‘CHU’). CHU is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’). SGL may receive a professional services fee (‘PSF’) from insurers, premium funders and underwriting agencies such as Flex Insurance and CHU (‘Partner’) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.

Flex Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them. SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.

Copyright © 2024 CHUiSAVER Underwriting Agencies Pty Ltd