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This Target Market Determination (TMD) provides consumers, and all persons involved in the distribution of the product, with the appropriate information to understand who this product has been designed for, and the approach to determining that the product is likely to be consistent with the objectives, financial situations and needs of our target customers.
Enthusiast Underwriting Pty Ltd, ABN 35 142 206 746; Australian Financial Services Licence (AFSL) 396716, is the distributor for the products that are the subject of this TMD. The insurer for the products is Assetinsure Pty Ltd an APRA-authorised general insurance product issuer which holds AFSL number 488403 with authorisation to issue general insurance products to retail consumers.
This TMD does not take anyone’s personal circumstances into account. The relevant Product Disclosure Statement should be read before a decision is made to purchase the product.
This TMD sets out the target market for the following products distributed by Enthusiast:
These products are Drive less – Spend less products. While any customers in the target market will obtain value from the products, our risk-based pricing incorporates the policyholders nominated annual distance to be driven, and the product will likely represent greater value for cars that are driven less, particularly below 15,000 kilometres.
This product is only authorised for distribution by Enthusiast Underwriting Pty Ltd via:
Enthusiast is obligated to undertake steps that will, or are reasonably likely to, result in distribution being consistent with this TMD.
The distribution of the product may involve Enthusiast dealing with a licensed broker on behalf of a customer.
The Enthusiast employees have been trained to understand the market this product has been designed for and possess knowledge relevant to the underwriting acceptance criteria.
Risk-based decisions are made to determine the acceptance criteria for insurance cover that may be offered to a customer. Distribution of the products is restricted to customers that meet the underwriting acceptance criteria which makes it likely that consumers that purchase the product are in the target market. Key acceptance criteria are:
This product is designed to respond to the likely objectives, financial situation and needs of Customers who want to:
This product is not suitable for:
* Comprehensive Motor Insurance cover is subject to acceptance criteria determined by Enthusiast Underwriting Pty Ltd.
This product is designed to respond to the likely objectives, financial situation and needs of Customers who:
This product is not suitable for:
*Third Party Property Damage Cover is subject to acceptance criteria determined by Enthusiast Underwriting Pty Ltd.
This TMD shall be reviewed within each 2 year period from the effective date shown herein to ensure it remains appropriate.
This TMD will also be reviewed within 10 days of becoming aware that an event or circumstance (review trigger) has occurred that reasonably suggests that the TMD is no longer appropriate, such as:
The distributor of the products is required to provide the following information in relation to their distribution of products covered by this TMD:
|Report all complaints received about the products to the insurer within 10 business days of the end of a calendar quarter. The reporting shall include all information necessary for a full understanding of the underlying cause and resolution of each complaint.
|Report sales and customer data on a quarterly basis to the Issuer.
|Upon becoming aware of a significant dealing in a product that is not consistent with this TMD, Enthusiast must notify Assetinsure as soon as practicable, and within 10 business days of becoming aware of such dealing.
Parties involved in the design and distribution of the products must maintain records of the reasonable steps taken to ensure that the products are distributed in a manner consistent with this TMD. This shall include preparing and maintaining complete and accurate records of decisions, and the reasons for those decisions, in relation to: