A TMD is a document that describes who a product is likely appropriate for (aka the target market), and any rules around how the product can be distributed. It also describes the scenarios where we may need to review this document, and reporting requirements that distributors need to follow.
This document isn’t a summary of the product and doesn’t take your personal situation into account. Head to getflip.com.au to learn more and read our Product Disclosure Statement (aka PDS).
In this document, ‘we’, ‘us’, ‘our’ and ‘HCF Life’ means HCF Life Insurance Company Pty Ltd, AFSL 236 806. HCF Life is the issuer of Flip cover.
Flip pays a cash benefit if an insured person has a specified injury as a result of an accident, as per the terms and conditions in the PDS. Insured persons can:
Flip cover is suitable for people who are:
Flip cover is not suitable for people who
People are more likely to be in the target market if a product is distributed in line with the issuer’s distribution rules. For Flip cover, these rules are:
We will review this TMD at least every 3 years from the effective date of this TMD. We will also review this TMD earlier if a review trigger occurs that would reasonably suggest that the TMD is no longer appropriate.
The commencement of a significant change in law that materially affects product design and/or distribution of the product or class of products that includes this product.
Product performance is materially inconsistent with our expectations having regard to:
ASIC’s use of its Product Intervention Powers in relation to the distribution or design of this product where we consider this reasonably suggests that this TMD is no longer appropriate.
Significant or unexpectedly high number of complaints* regarding product design, claims, or distribution where we consider that this reasonably suggests that the TMD is no longer appropriate.
*As defined in ASIC Regulatory Guide 271
We determine that a significant dealing in the product outside the target market (except for an excluded dealing) has occurred.
Distributors must report on the metrics in Review Trigger 2 on a monthly basis.
Distributors must record all complaints relating to Flip cover and must report on these on a quarterly basis.
Distributors must report on:
The reports must be shared with us within 10 business days of the end of the reporting period.
Any dealing in the product to a person which we and/or our distributors become aware is not consistent with the TMD must be reported to us within 10 business days of becoming aware of the dealing.
HCF Life Insurance Company Pty Ltd, ABN 37 001 831 250, AFSL 236 806 is the issuer of Flip cover.