What’s a Target Market Determination? (TMD)

From 5 October 2021, Insurers and Brokers need to comply with new laws under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019. This requires Insurers to have Target Market Determinations, which is a document that describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers.

 

This is to make sure Insurers are keeping customers at the center of their approach to the design and distribution of insurance products. Insurers have a consumer-centric approach to the design and distribution of their products, with the aim of helping consumers to obtain financial products that are appropriate for their objectives, financial situation and needs. It also describes the events or circumstances where they may need to review the Target Market Determination.

InsurerClass of InsuranceLink
AIGAll ClassesTarget Market Determination
AllianzAll ClassesTarget Market Determinations
ARGISFarm InsuranceFarm Extra Insurance
Axis UnderwritingResidential StrataResidential Strata Insurance
Axis UnderwritingCommercial StrataCommercial Strata Insurance
Blue ZebraAll ClassesTarget Market Determinations
Blue Zebra All Classes (Steadfast Wording)Target Market Determinations
CGU InsuranceAll ClassesTarget Market Determinations
CHU Underwriting Agencies  All ClassesTarget Market Determinations
ChubbAll ClassesTarget Market Determinations
ChubbBusiness Pack (SCTP)Business Pack (SCTP)
DawesAll ClassesTarget Market Determinations
Flex InsuranceResidential StrataResidential Strata Insurance
GT InsuranceAll ClassesTarget Market Determinations
HMIAHeavy Motor FleetTarget Market Determination
HollardAll ClassesTarget Market Determinations
HollardCommercial MotorCommercial Motor
HollardCommercial Motor (SCTP)Commercial Motor (SCTP)
IALAll ClassesTarget Market Determinations
LongitudeAll ClassesTarget Market Determinations
MansionsHouseholdersHome & Contents
NTIAll ClassesTarget Market Determinations
ProtecsureGeneral PropertyTarget Market Determination
QBESteadfast Commercial MotorSteadfast Commercial Motor
QBEListed Events Home & Contents Policy – SteadfastListed Events Home & Contents Policy – Steadfast
QBESteadfast Accidental Damage Policy with FloodSteadfast Accidental Damage Policy with Flood
QBESteadfast Pleasure CraftSteadfast Pleasure Craft Policy
QBECommercial Motor Insurance SCTPCommercial Motor SCTP
QBEAll ClassesTarget Market Determinations
QUSAll ClassesTarget Market Determinations
SCIAll ClassesTarget Market Determinations
SGUALandlord InsuranceTarget Market Determination
SURAAll ClassesTarget Market Determinations
SUUAll ClassesTarget Market Determinations
VeroAll ClassesTarget Market Determinations
ZurichAll ClassesTarget Market Determinations
AnsvarAll ClassesTarget Market Determinations under "Downloads, Worksheets and Resources"
UAAAll ClassesTarget Market Determinations