As part of the Product Design and Distribution Obligations (DDO), insurers and other issuers of financial products are now required to create written Target Market Determinations (TMDs) for all products that require a Product Disclosure Statement (PDS).
TMDs describe a class of Retail Clients that are the insurer’s/ issuer’s target market for the product and specify any conditions and restrictions on the distribution of retail products, any events and circumstances that would reasonably suggest the TMD is no longer appropriate and the reporting periods for when complaints about the product should be provided to the insurer/issuer. The TMD must be publicly available.
From 5th October 2021, insurance and financial product distributors like Marsh Advantage Insurance must ensure that any Retail Client with a financial product that has a PDS is within the target market of that product for the insurer or product issuer that the policy or other financial product is placed with.
For all TMDs, please click here.
This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances.
Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238 983) (“Marsh”) and Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (“MAI”) arrange the general insurance (i.e. not the Discretionary Trust Arrangement) and are not the insurer.
Discretionary Trust Arrangements are issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417 964) (“JGS”). Any advice or dealing in relation to a Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). The cover provided by a Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements (PDSs) available from the relevant product issuer. Target Market Determinations (TMDs) are available here.
Marsh, MAI, JGS and JLT are all businesses of the Marsh group.
LCPA 24/050