Effective Date: 10 November 2021
Version: NIBDOMTMD-1121
Effective Date: 10 November 2021
Version: NIBDOMTMD-1121
This Target Market Determination (TMD) applies to the product(s) set out in Section 6 and identifies who this travel insurance is designed for. Customers can use this TMD to decide if the insurance product meets their objectives, financial situation and needs. It also outlines the conditions of distribution of this insurance.
The benefits and cover offered by this insurance depend on the plan and options selected. Information contained in this TMD does not constitute personal advice. Customers must assess the cover offered to determine if it is suitable for their circumstances.
This is suitable for customers who: | This is not suitable for customers who: |
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Meet the following eligibility criteria:
Have the following objectives that are met by the key attributes of this product:
Whose financial situation is consistent with the following:
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This is suitable for customers who: | This is not suitable for customers who: |
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Meet the following eligibility criteria:
Have the following objectives that are met by the key attributes of this product:
Whose financial situation is consistent with the following:
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Subject to the distribution conditions listed in 3.2, the products outlined in Section 6 must only be issued:
Online, via the application system provided by us;
In person or over the phone, via:
the nib Partner Portal; or
nib customer service console.
Application systems must:
Provide a level of detail necessary to appropriately inform customers of the key attributes of the product;
Capture information including:
a customer’s destination;
travel dates;
names of all persons to be insured;
age;
Australian residency; and
screening of medical conditions that are not automatically covered by the policy, where applicable;
Include controls to prevent a policy being issued where there is indication that the customer is not within the target market set out in Section 2;
Record a customer’s express confirmation that they understand and agree to our terms and conditions, including our Privacy Policy;
Prominently display and provide access to:
the Combined Financial Services Guide and Product Disclosure Statement;
banners and alerts as required by us;
Disclose applicable information including disclaimers as required;
Issue the required documentation in a manner that complies with regulation; and
Have a user interface and any related system integrations that have been confirmed to be secure with appropriate security testing and that has been:
developed by us; or
reviewed and approved by us.
Policies must only be issued in person or over the phone where the representatives acting on our behalf:
Uses the online application system provided by us; and
Has undertaken and passed the training required by us;
Uses any scripting provided by us, reads out all terms and conditions, and obtains the customer’s express agreement, including their consent to our privacy policy;
Provides relevant factual information regarding the travel insurance product that is complete and correct;
General advice may only be provided by a representative acting on our behalf where they are appropriately qualified and expressly authorised by us to do so.
All marketing and advertising related to the product(s) described in this TMD must adhere to any guidelines provided by us, and not be directed towards customers who are outside of the target market set out in Section 2.
The distribution channels and conditions described in Section 3.1 and 3.2 are designed to ensure this insurance is directed towards the target market, meaning it is likely that consumers who purchase this insurance are in the target market set out in Section 2.
Information reported to us is used to help us determine if this TMD is no longer appropriate.
Reporting Periods
Our distribution partners must keep a record of and notify us in writing within 24 hours of becoming aware of the following:
details of any complaints regarding the insurance;
distribution of the insurance outside of their active agreement with us;
any dealings not consistent with this TMD such as if this insurance is issued to a traveller who is not eligible for cover.
The number and nature of complaints will be reviewed on a quarterly basis to analyse whether this product, including how it is distributed, continues to meet the objectives, financial situation and needs of the target market.
We will conduct an initial review of this TMD within 24 months after it has been published. Subsequent reviews are to be conducted every 24 months after the initial review has been completed.
Outside of the specified review period, other circumstances which may trigger a review of this TMD include:
if the objectives of the target market change such that the key attributes no longer meet the target market’s needs; or
significant dealings outside of:
if we become aware that the distribution conditions are inadequate; or
there is a significant change in product performance; or
the value changes significantly to the detriment of consumers; or
significant increases in complaints and severity of claims; or
updates to the Product Disclosure Statement, our risk appetite or relevant legislation; or
feedback from regulators, distribution partners or customers suggests this TMD requires amendment or is not fit for purpose; or
significant changes in a distribution partner’s business structure or client base.
If one of the above events reasonably suggests to us that the TMD is no longer appropriate, we will review this TMD within 10 business days.
COTA Domestic Travel Insurance
National Seniors Insurance Domestic Travel Insurance
nib Domestic Travel Insurance
Travel Insurance 247 Domestic Travel Insurance
nib Licensee Domestic Travel Insurance
In this document, “we/our/us” means Pacific International Insurance Pty Ltd ABN 83 169 311 193, AFSL No 523921, who distribute to you through their agent and distributor, nib Travel Services (Australia) Pty Limited ABN 81 115 932 173 AFSL No 308461.