As part of the Product Design and Distribution Obligations (DDO), insurers and other issuers of financial products (such as JLT Group Services Pty Ltd in the case of mutual discretionary trusts) 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 5 October 2021, insurance and financial product distributors like Marsh 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.
The table below sets out all the TMDs created by insurers/issuers who underwrite/issue products distributed by the Marsh group of companies, including Marsh, Marsh Advantage, JLT Risk Solutions and via the Marsh McLennan Agency placement platform. These TMDs relate to Scheme, Facility and binder products and mutual discretionary trusts only. Please reach out to your carrier partners for TMDs for open market wordings.
TMDs are broken down by insurer/issuer below.
Accident & Health Insurance
Berkshire Hathaway Specialty Insurance
Global Transport Insurance
- Business Travel - MMA
- Expatriate Health - Premium - MMA
- Expatriate Health - Value Plus - MMA
- Expatriate Health - Essential - MMA
- Group Personal Accident - MMA
- All other HDI TMDs
Heavy Motor Insurance Australia
JLT Group Services
Marsh McLennan Agency
National Transport Insurance
SLE Worldwide Australia (underwritten by Chubb Insurance Australia)
SLE Worldwide Australia (Lloyds)
Strata Unit Underwriters
- Commercial Motor - MMA
- Farm - Private Client Services
- Householders - Private Client Services
- Motor Fleet Group - Affinity Auto
- Motor Fleet - MMA
- Motor Vehicle Domestic - Private Client Services
- Public & Products Liability - Sharing Economy
- All Vero TMDs
Victor Insurance Australia P/L