Transcription

Target Market Determinations (TMD’s)Current Version NumberCurrent version numberDocument Release DateV1.0V2.0February 2022

Table of ContentsDescriptionPage1TMD - ANNT Domestic Travel Policy32TMD - ANNT International Single Trip Policy63TMD – ANNT Annual Multi-Trip Policy104TMD - RAA Domestic Travel Policy135TMD - RAA International Single Trip Policy166TMD – RAA Annual Multi-Trip Policy207TMD – RAC Domestic Comprehensive Travel Policy238TMD - RAC International Single Trip Policy269TMD – RAC Annual Multi-Trip Policy3010TMD - RACQ Domestic Travel Policy3311TMD - RACQ International Single Trip Policy3612TMD – RACQ Annual Multi-Trip Policy4013TMD - RACV Domestic Travel Policy4314TMD - RACV International Single Trip Policy4615TMD – RACV Annual Multi-Trip Policy5016TMD – RACT Domestic Travel Policy5317TMD – RACT International Single Trip Policy5618TMD – RACT Annual Multi-Trip Policy60Page 2 of 62

1. TMD - AANT Domestic Travel PolicyProduct: AANT Domestic Travel PolicyPublication Date of TMD: 5 October 2021Issuer: Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine) ABN 80 000 438 291AFSL: 246548Designing of the TMDWhat is a Target Market Determination (TMD)?A TMD is a determination that Tokio Marine has prepared to describe the class of customerswhich this product has been designed for and comprises of matters relevant to the distributionand review of this product.This document provides the necessary information to assist Tokio Marine’s customers, staff,and their distributors in understanding the TMD.Product/s to which this TMD appliesThis TMD applies to the AANT Domestic Travel Policy – Product Disclosure Statement (PDS)date 22 April 2020 and any Supplementary PDS (SPDS).Target Market for the product under this TMDThe Target Market for the AANT Domestic Travel Policy is outlined below:Australian Residents over the age of 18, provided: The policy is purchased before the beginning of the trip; andThe trip must be wholly within Australia.Temporary Residents over the age of 18, provided: They hold a current Australian Visa (not a tourist, study or working holiday visa) that willremain valid beyond the period of their return; andThey hold a return ticket; andThey have a primary place of residence in Australia that they intend to return to; andThe policy was purchased before the beginning of the trip; andThe trip must be wholly within Australia.The AANT Domestic Travel Policy is designed for travellers going on a single trip up to a maximumof 365 days entirely within Australia, arriving and departing the home of the policyholder. Thisproduct allows up to two (2) adults that do not need to be related and unlimited number of theirchildren and grandchildren aged 25 and under.The product is targeted to those that are travelling for leisure purposes. The product is notsuitable for individuals without a known itinerary such as prebooked accommodation, or extremesport thrill takers.The product does not include any medical or evacuation cover as Tokio Marine is a generalinsurer and cannot cover medical costs in Australia. The key benefits provided within the productPage 3 of 62

include, Cancellation Fees & Lost Deposits cover, Emergency Worker Leave, Emergencyexpenses, Rental Car Excess and loss, theft, or damage of Luggage.Optional Add-on FeaturesThis product also offers add-on Medical Condition feature. If there is a Medical Condition thatdoes not meet the automatically covered criteria, an online medical assessment needs to becompleted. If this condition is accepted by the Issuer, an additional premium payment will berequired to provide cover for this condition. This will be shown on the Certificate of Insurance.This product offers add-on Ski and Winter Sports feature for an additional premium. Whenincluding the Ski and Winter Sports Option, the following benefits are included within the policycoverage; Snow Ski Equipment Hire, Ski Pack, Bad Weather and Avalanche and Lift Passcoverage. The Ski and Winter Sports feature is suitable for individuals between the ages of 18and 85.The AANT Domestic Policy can include either the Ski and Winter Sports or the Medical Conditionadd-on feature, or it can include both if selected, or neither.Domestic Cancellation PolicyThe AANT Domestic Policy can be purchased as a Domestic Cancellation policy. The only benefitprovided within this product is the Cancellation Fees and Lost Deposits cover for up to 1,000per adult. This product is designed for travellers going on a short, low-cost trip and only requiringcoverage for cancellation. This policy also offers the add-on Medical Condition feature. However,the Ski and Winter Sports add-on feature is unavailable.Rental Car ExcessThe AANT Domestic Policy can also be purchased as a Rental Car Excess only policy. The onlybenefits provided within this product is for the rental car insurance excess costs or the costs ofrepairs to the car if there is an accident or a theft. This product is designed for travellers usinga rental car to travel within Australia. The add-on features of Ski and Winter Sports and MedicalConditions are unavailable on this policy.Review of the TMDThe Issuer will review this document in the following periods: a) First review period: Following the commencement of the TMD, an initial review of thedetermination will occur no later than 24 months after that dateb) Ongoing review periods: A review of the TMD will occur at least every two (2) yearsfollowing the first review periodc) Immediate Reviews: Outside of the identified review period timeframes this documentmay be reviewed more regularly if circumstances arise to trigger a review. This mayinclude but is not limited to:Any material changes to the design of the product;Any material changes to the distribution of the product (including if existing distributionconditions are no longer appropriate);Any material changes to acceptance or underwriting criteria;If there is a significant dealing outside of the defined target market;An occurrence of an external event including political and global events, regulatoryattention, or adverse media coverage;Page 4 of 62

Discovery of a material defect in the PDS for the product;Significant number of complaints or feedback from customers;Significant changes to indicators including complaints, claims and loss ratios;Feedback from a regulator, the Code Governance Committee (CGC) or Australian FinancialComplaints Authority (AFCA) to strongly suggest this TMD is no longer appropriate;Distribution of the product would cease if it were misaligned with this TMD.Distribution of the ProductDistribution ConditionsThese conditions will be applied to this product when it is being distributed: All distributors are to be authorised by the Issuer to distribute this product; This product must only be distributed in accordance with this TMD; Distribution of this product must comply with any specific channel distribution requirements; This product will not be distributed where the TMD is not up to date; The TMD must be current and not subject to any ASIC action that might suggest that the TMDor the product is no longer appropriate.Reporting Complaints by DistributorsAll distributors of this product must notify the Issuer in writing within 24 hours when theybecome aware of any complaints.Distributors of the products need to provide the Issuer information related to the complaintsmade about this product on a quarterly basis. Information related to the complaints mayinclude, but is not limited to, the nature and number of complaints, complaints relating toclaims, complaints relating to sales service, complaints regarding the product.Distributors are required to provide to the Issuer all complaints information within 10 businessdays of the end of the complaints reporting period.Record Keeping by DistributorsDistributors will maintain records of policy and pricing platforms to ensure that this product issold in a manner consistent with this TMD. Records of marketing campaigns and advertisementplacements will also be kept.Financial SuitabilityThis product is suitable for a person who is able to pay the premium in accordance with thechosen benefit limit, including any add-on feature selected, with that individual having regardto their own personal circumstances and vulnerability or hardship considerations.Page 5 of 62

2. TMD - AANT International Single Trip PolicyProduct: AANT International Single Trip PolicyPublication Date of TMD: 5 October 2021Issuer: Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine) ABN 80 000 438 291AFSL: 246548Designing of the TMDWhat is a Target Market Determination (TMD)?A TMD is a determination that Tokio Marine has prepared to describe the class of customerswhich this product has been designed for and comprises of matters relevant to the distributionand review of this product.This document provides the necessary information to assist Tokio Marine’s customers, staff,and their distributors in understanding the TMD.Product/s to which this TMD appliesThis TMD applies to the AANT International Single Trip Policy – Product Disclosure Statement(PDS) date 22 April 2020 and any Supplementary PDS (SPDS).Target Market for the product under this TMDThe Target Market for the AANT International Single Trip Policy is outlined below:Australian Residents over the age of 18, provided: The policy is purchased before the beginning of the trip; andThe trip begins and ends in Australia.Temporary Residents over the age of 18, provided: They hold a current Australian Visa (not a tourist, study or working holiday visa) that willremain valid beyond the period of their return; andThey hold a return ticket; andThey have a primary place of residence in Australia that they intend to return to; andThe policy was purchased before the beginning of the trip; andThe trip begins and ends in Australia.The AANT International Single Trip Policy is designed for travellers going on a single trip up to amaximum of 365 days departing from and returning to Australia. The product allows up to two(2) adults that do not need to be related and unlimited number of their children andgrandchildren aged 25 and under.The product is targeted to those that are travelling for leisure purposes. The product is notsuitable for individuals without a known itinerary such as prebooked accommodation, or extremesport thrill takers.Page 6 of 62

Some of the key features, depending on the type of benefit limit selected (see below “Types ofBenefit Limits”), within the product include, Cancellation Fees & Lost Deposits cover, Cover forOverseas Medical, Hospital, Cash in Hospital, Dental and Related Expenses, Emergency Expenses,Rental Vehicle Excess and loss, theft, or damage of Luggage.Optional Add-on FeaturesThis product also offers add-on Medical Condition feature. If there is a Medical Condition thatdoes not meet the automatically covered criteria, an online medical assessment needs to becompleted. If this condition is accepted by the Issuer, an additional premium payment will berequired to provide cover for this condition. This will be shown on the Certificate of Insurance.This product offers add-on Ski and Winter Sports feature for an additional premium. Whenincluding the Ski and Winter Sports Option, the following benefits are included within the policycoverage; Ski Overseas Medical and Hospital, Equipment Hire, Ski Pack, Piste Closure, BadWeather and Avalanche and Lift Pass. The Ski and Winter Sports feature is suitable for individualsbetween the ages of 18 and 85.This product also offers an add-on Cruise feature for an additional premium. When this isincluded, coverage will include benefits for international ocean and river cruising. If anindividual is going on a cruise which is only in Australian waters or calling into ports in Australiaand require medical cover whilst on board the ship, they are required to select Australian Cruiseas the destination. When selecting this option, international policy options and benefits will beoffered. When this is included, coverage for medical and evacuation benefits whilst at sea willbe provided. However, not provided if visiting a medical provider whilst in port in Australia.Types of Benefit LimitsThere are three levels of benefit limits when purchasing the AANT International Single TripPolicy.1. International Single Trip – PremiumThe Premium benefit limit provides the highest dollar value benefit limits of unlimited forCancellation Fees and Lost Deposits, Overseas Medical, Hospital and Overseas Dental as well asunlimited dollar value benefit for Emergency Expenses (terms and conditions, sub-limits andexclusions may apply). The Premium benefit limit is also the only benefit limit which providescoverage for all the benefits within the AANT International Single Trip Policy product.Premium benefit limit can include one or more of the Ski and Winter Sports, Cruise, or MedicalCondition add-on feature, if selected, or none.2. International Single Trip – EssentialsThe Essentials benefit limit provides unlimited dollar value benefit limits for only OverseasMedical and Hospital benefits (terms and conditions, sub-limits and exclusions may apply). TheEssentials benefit limit does not provide benefits for Domestic Pets or Domestic Services.Essentials benefit limit can include one or more of the Ski and Winter Sports, Cruise, or MedicalCondition add-on feature, if selected, or none.Page 7 of 62

3. International Single Trip – BasicThe Basic benefit limit only provides unlimited dollar value benefit limits for Overseas Medicaland Hospital. Other benefits include; Cash in Hospital, Dental and Related Expenses, OverseasFuneral Expenses, Emergency Expenses, loss, theft or damage of Luggage and Legal Liability.The Basic benefit limit also only includes Medical Condition and Cruise as an add-on feature, ifselected. Ski and Winter Sports is unavailable.Review of the TMDThe Issuer will review this document in the following periods: a) First review period: Following the commencement of the TMD, an initial review of thedetermination will occur no later than 24 months after that dateb) Ongoing review periods: A review of the TMD will occur at least every two (2) yearsfollowing the first review periodc) Immediate Reviews: Outside of the identified review period timeframes this documentmay be reviewed more regularly if circumstances arise to trigger a review. This mayinclude but is not limited to:Any material changes to the design of the product;Any material changes to the distribution of the product (including if existing distributionconditions are no longer appropriate);Any material changes to acceptance or underwriting criteria;If there is a significant dealing outside of the defined target market;An occurrence of an external event including political and global events, regulatoryattention, or adverse media coverage;Discovery of a material defect in the PDS for the product;Significant number of complaints or feedback from customers;Significant changes to indicators including complaints, claims and loss ratios;Feedback from a regulator, the Code Governance Committee (CGC) or Australian FinancialComplaints Authority (AFCA) to strongly suggest this TMD is no longer appropriate;Distribution of the product would cease if it were misaligned with this TMD.Distribution of the ProductDistribution ConditionsThese conditions will be applied to this product when it is being distributed: All distributors are to be authorised by the Issuer to distribute this product; This product must only be distributed in accordance with this TMD; Distribution of this product must comply with any specific channel distribution requirements; This product will not be distributed where the TMD is not up to date; The TMD must be current and not subject to any ASIC action that might suggest that the TMDor the product is no longer appropriate.Reporting Complaints by DistributorsAll distributors of this product must notify the Issuer in writing within 24 hours when theybecome aware of any complaints.Page 8 of 62

Distributors of the products need to provide the Issuer information related to the complaintsmade about this product on a quarterly basis. Information related to the complaints mayinclude, but is not limited to, the nature and number of complaints, complaints relating toclaims, complaints relating to sales service, complaints regarding the product.Distributors are required to provide to the Issuer all complaints information within 10 businessdays of the end of the complaints reporting period.Record Keeping by DistributorsDistributors will maintain records of policy and pricing platforms to ensure that this product issold in a manner consistent with this TMD. Records of marketing campaigns and advertisementplacements will also be kept.Financial SuitabilityThis product is suitable for a person who is able to pay the premium in accordance with thechosen benefit limit, including any add-on feature selected, with that individual having regardto their own personal circumstances and vulnerability or hardship considerations.Page 9 of 62

3. TMD – AANT – Annual Multi – Trip PolicyProduct: AANT Annual Multi Trip PolicyPublication Date of TMD: 5 October 2021Issuer: Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine) ABN 80 000 438 291AFSL: 246548Designing of the TMDWhat is a Target Market Determination (TMD)?A TMD is a determination that Tokio Marine has prepared to describe the class of customerswhich this product has been designed for and comprises of matters relevant to the distributionand review of this product.This document provides the necessary information to assist Tokio Marine’s customers, staff,and their distributors in understanding the TMD.Product/s to which this TMD appliesThis TMD applies to the AANT Annual Multi Trip Policy – Product Disclosure Statement (PDS)date 22 April 2020 and any Supplementary PDS (SPDS).Target Market for the product under this TMDThe Target Market for the AANT Annual Multi Trip Policy is outlined below:Australian Residents between the ages of 18 and 75, provided: The policy is purchased before the beginning of the first tripTemporary Residents between the ages of 18 and 75, provided: They hold a current Australian Visa (not a tourist, study or working holiday visa) that willremain valid beyond the period of their return; andThey hold a return ticket; andThey have a primary place of residence in Australia that they intend to return to; andThe policy was purchased before the beginning of the trip.The AANT Annual Multi Trip Policy is designed for travellers wanting to take multiple trips overa 12-month period with the maximum trip length of 60 days. Other options include 30 and 45days. The product is suited for those travelling domestically and internationally over a 12-monthperiod. The product allows up to two (2) adults that do not need to be related and unlimitednumber of their children and grandchildren aged 25 and under.The product is targeted to those that enjoy travelling and those taking multiple trips throughoutthe year. The product is targeted for those that are travelling for leisure purposes. Coverage isfor international and domestic travel (provided it is at least 250km from Your Home). Theproduct is not suitable for individuals without a known itinerary such as prebookedaccommodation or extreme sport thrill takers.Page 10 of 62

The key benefits provided within the product include, Cancellation Fees & Lost Deposits cover,Cover for Overseas Medical, Hospital, Cash in Hospital, Dental and Related Expenses, EmergencyExpenses, Rental Vehicle Excess and loss, theft or damage of Luggage.Optional Add-on FeaturesThis product also offers add-on Medical Condition feature. If there is a Medical Condition thatdoes not meet the automatically covered criteria, an online medical assessment needs to becompleted. If this condition is accepted by the Issuer, an additional premium payment will berequired to provide cover for this condition. This will be shown on the Certificate of Insurance.This product offers add-on Ski and Winter Sports feature for an additional premium. Whenincluding the Ski and Winter Sports Option, the following benefits are included within the policycoverage; Ski Overseas Medical and Hospital, Equipment Hire, Ski Pack, Piste Closure, BadWeather and Avalanche and Lift Pass Coverage.This product also offers an add-on Cruise feature for an additional premium. When this isincluded, coverage will include benefits for international ocean and river cruising. If anindividual is going on a cruise which is only in Australian waters or calling into ports in Australiaand require medical cover whilst on board the ship, they are required to select Australian Cruiseas the destination. When selecting this option, international policy options and benefits will beoffered. When this is included, coverage for medical and evacuation benefits whilst at sea willbe provided. However, not provided if visiting a medical provider whilst in port in Australia.The AANT Annual Multi Trip Policy can include one or more of the Ski and Winter Sports, Cruise,or Medical Condition add-on feature, or if selected, or none.Review of the TMDThe Issuer will review this document in the following periods: a) First review period: Following the commencement of the TMD, an initial review of thedetermination will occur no later than 24 months after that dateb) Ongoing review periods: A review of the TMD will occur at least every two (2) yearsfollowing the first review periodc) Immediate Reviews: Outside of the identified review period timeframes this documentmay be reviewed more regularly if circumstances arise to trigger a review. This mayinclude but is not limited to:Any material changes to the design of the product;Any material changes to the distribution of the product (including if existing distributionconditions are no longer appropriate);Any material changes to acceptance or underwriting criteria;If there is a significant dealing outside of the defined target market;An occurrence of an external event including political and global events, regulatoryattention, or adverse media coverage;Discovery of a material defect in the PDS for the product;Significant number of complaints or feedback from customers;Significant changes to indicators including complaints, claims and loss ratios;Feedback from a regulator, the Code Governance Committee (CGC) or Australian FinancialComplaints Authority (AFCA) to strongly suggest this TMD is no longer appropriate;Distribution of the product would cease if it were misaligned with this TMD.Page 11 of 62

Distribution of the ProductDistribution ConditionsThese conditions will be applied to this product when it is being distributed: All distributors are to be authorised by the Issuer to distribute this product; This product must only be distributed in accordance with this TMD; Distribution of this product must comply with any specific channel distribution requirements; This product will not be distributed where the TMD is not up to date; The TMD must be current and not subject to any ASIC action that might suggest that the TMDor the product is no longer appropriate.Reporting Complaints by DistributorsAll distributors of this product must notify the Issuer in writing within 24 hours when theybecome aware of any complaints.Distributors of the products need to provide the Issuer information related to the complaintsmade about this product on a quarterly basis. Information related to the complaints mayinclude, but is not limited to, the nature and number of complaints, complaints relating toclaims, complaints relating to sales service, complaints regarding the product.Distributors are required to provide to the Issuer all complaints information within 10 businessdays of the end of the complaints reporting period.Record Keeping by DistributorsDistributors will maintain records of policy and pricing platforms to ensure that this product issold in a manner consistent with this TMD. Records of marketing campaigns and advertisementplacements will also be kept.Financial SuitabilityThis product is suitable for a person who is able to pay the premium in accordance with thechosen benefit limit, including any add-on feature selected, with that individual having regardto their own personal circumstances and vulnerability or hardship considerations.Page 12 of 62

4. TMD – RAA Domestic Travel PolicyProduct: RAA Domestic Travel PolicyPublication Date of TMD: 5 October 2021Issuer: Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine) ABN 80 000 438 291AFSL: 246548Designing of the TMDWhat is a Target Market Determination (TMD)?A TMD is a determination that Tokio Marine has prepared to describe the class of customerswhich this product has been designed for and comprises of matters relevant to the distributionand review of this product.This document provides the necessary information to assist Tokio Marine’s customers, staff,and their distributors in understanding the TMD.Product/s to which this TMD appliesThis TMD applies to the RAA Domestic Travel Policy – Product Disclosure Statement (PDS) date15 May 2020 and any Supplementary PDS (SPDS).Target Market for the product under this TMDThe Target Market for the RAA Domestic Travel Policy is outlined below:Australian Residents over the age of 18, provided: The policy is purchased before the beginning of the trip; andThe trip must be wholly within Australia.Temporary Residents over the age of 18, provided: They hold a current Australian Visa (not a tourist, study or working holiday visa) that willremain valid beyond the period of their return; andThey hold a return ticket; andThey have a primary place of residence in Australia that they intend to return to; andThe policy was purchased before the beginning of the trip; andThe trip must be wholly within Australia.The RAA Domestic Travel Policy is designed for travellers going on a single trip up to a maximumof 365 days entirely within Australia, arriving and departing the home of the policyholder. Thisproduct allows up to two (2) adults that do not need to be related and unlimited number of theirchildren and grandchildren aged 25 and under.The product is targeted to those that are travelling for leisure purposes. The product is notsuitable for individuals without a known itinerary such as prebooked accommodation, or extremesport thrill takers.Page 13 of 62

The product does not include any medical or evacuation cover as Tokio Marine is a generalinsurer and cannot cover medical costs in Australia. The key benefits provided within the productinclude, Cancellation Fees & Lost Deposits cover, Emergency Worker Leave, Emergencyexpenses, Rental Car Excess and loss, theft, or damage of Luggage.Optional Add-on FeaturesThis product also offers add-on Medical Condition feature. If there is a Medical Condition thatdoes not meet the automatically covered criteria, an online medical assessment needs to becompleted. If this condition is accepted by the Issuer, an additional premium payment will berequired to provide cover for this condition. This will be shown on the Certificate of Insurance.This product offers add-on Ski and Winter Sports feature for an additional premium. Whenincluding the Ski and Winter Sports Option, the following benefits are included within the policycoverage; Snow Ski Equipment Hire, Ski Pack, Bad Weather and Avalanche and Lift Passcoverage. The Ski and Winter Sports feature is suitable for individuals between the ages of 18and 85.The RAA Domestic Policy can include either the Ski and Winter Sports or the Medical Conditionadd-on feature, or it can include both if selected, or neither.Domestic Cancellation PolicyThe RAA Domestic Policy can be purchased as a Domestic Cancellation policy. The only benefitprovided within this product is the Cancellation Fees and Lost Deposits cover for up to 1,000per adult. This product is designed for travellers going on a short, low-cost trip and only requiringcoverage for cancellation. This policy also offers the add-on Medical Condition feature. However,the Ski and Winter Sports add-on feature is unavailable.Rental Car ExcessThe RAA Domestic Policy can also be purchased as a Rental Car Excess only policy. The onlybenefits provided within this product is for the rental car insurance excess costs or the costs ofrepairs to the car if there is an accident or a theft. This product is designed for travellers usinga rental car to travel within Australia. The add-on features of Ski and Winter Sports and MedicalConditions are unavailable on this policy.Review of the TMDThe Issuer will review this document in the following periods: a) First review period: Following the commencement of the TMD, an initial review of thedetermination will occur no later than 24 months after that dateb) Ongoing review periods: A review of the TMD will occur at least every two (2) yearsfollowing the first review periodc) Immediate Reviews: Outside of the identified review period timeframes this documentmay be reviewed more regularly if circumstances arise to trigger a review. This mayinclude but is not limited to:Any material changes to the design of the product;Any material changes to the distribution of the product (including if existing distributionconditions are no longer appropriate);Any material changes to acceptance or underwriting criteria;If there is a significant dealing outside of the defined target market;Page 14 of 62

An occurrence of an external event including political and global events, regulatoryattention, or adverse media coverage;Discovery of a material defect in the PDS for the product;Significant number of complaints or feedback from customers;Significant changes to indicators including complaints, claims and loss ratios;Feedback from a regulator, the Code Governance Committee (CGC) or Australian FinancialComplaints Auth

Rental Car Excess The AANT Domestic Policy can also be purchased as a Rental Car Excess only policy. The only benefits provided within this product is for the rental car insurance excess costs or the costs of repairs to the car if there is an accident or a theft. This product is designed for travellers using