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.
Residential Strata Insurance Plan