TARGET MARKET DETERMINATION

Target Market Determination (TMD)

Below are links to the available Target Market Determinations (TMDs) for the insurance policies we distribute through First Class Insurance Solutions.

A TMD helps you understand the class of customers an insurance policy has been designed for, considering their needs, objectives, and financial situations. If you’re not sure which TMD is the right one for your policy, please contact your broker.

Insurer TMDs

Underwriter TMDs

Premium Funding TMDs

Domestic Premium Funding: Target Market Determination.

Overview: 
This target market determination (TMD) seeks to provide consumers, distributors, and staff with an understanding of the class of consumers for which the Domestic Premium Funding product has been designed, having regard to the objectives, financial situation, and needs of the target market. 

The information below summarizes the overall class of consumers that fall within the target market for domestic insurance premium funding, based on the product’s key attributes and the objectives, financial situation, and needs that it has been designed to meet:

  • Consumers without an ABN.

  • Consumers where the insurance product funded is deemed to be domestic in nature.

  • Consumers who are the policyholder(s) of the insurance product

  • Consumers who are funding residential strata insurance premiums.

Product description and key attributes
The key eligibility requirements and product attributes of Domestic Insurance Premium Funding are:

  • Short-term loans for the funding of insurance premiums.

  • Repayment by equal monthly installments up to 12 months

  • Loan to be repaid before insurance policy expiry date.

Objectives, financial situation, and needs
The domestic insurance premium funding product has been designed for consumers whose likely objectives, financial situation, and needs (as listed below) are aligned with the product (including the key attributes):

  • Spreading their insurance costs over fixed monthly or fortnightly installments

  • Borrowing for their insurance premium without the need to provide additional security.

Excluded class of consumers
This product has not been designed for consumers who:

  • Want to pay for their insurance in one lump sum

  • Are funding products that are deemed wholly or predominantly for commercial purposes

  • Are not the policyholder of the insurance product

  • Do not meet our lending criteria.

The Domestic Premium Funding product is designed to be distributed through the following means:
Authorized distributors, who hold or are Authorized Representatives of an Australian Financial Services Licensee

Reviewing and monitoring this target market determination

We will review this target market determination within 12 months and then at least every 2 years from the first review date or when a review is triggered.

A review may be triggered by any event or circumstances that would suggest the TMD is no longer appropriate. This may

include (but not be limited to):

  • A material change to the design or distribution of the product, including related documentation

  • Distribution conditions found to be inadequate

  • External events such as adverse media coverage or regulatory attention

  • Complaints relating to the TMD

  • Authorized distributor feedback and financial viability.

We may collect information from our distributors concerning this TMD including full written details and we undertake to maintain a  Complaints Register that will be reviewed quarterly.