Target Market Determinations
The Design and Distribution Obligations are intended to help consumers obtain appropriate financial products by ensuring issuers and distributors have a consumer-centric and consistent approach to designing, distributing, monitoring, and reviewing products.
Target Market Determinations (TMDs) have been developed to define and describe the intended target market for the products listed below.
What is a Target Market Determination (TMD)?
A TMD is a document that describes a product or a group of products, who the product is intended for (target market), and any conditions around how the product can be distributed to consumers. It also describes the events or circumstances where, alongside our periodical review schedule, the product issuer may need to review a TMD to ensure it remains appropriate for the target market.
A TMD specifies:
- the type of consumer in the target market
- any distribution conditions and restrictions
- assessment information the product issuer will use and review triggers (events that reasonably suggest the TMD is no longer appropriate)
- when TMDs must be reviewed
- reporting periods for when the distributor should provide complaints to the product issuer, and
- what other information distributors must report to the issuer (and frequency) so the issuer can identify whether the TMD needs to be reviewed.
TMDs
Below is a list of Target Market Determinations. In some cases, more than one product is grouped under a TMD. Where the product will be owned by Equity Trustees Superannuation Limited (ETSL) as trustee and issued to the customer as a member of the Smart Future Trust, both the Nippon Life Insurance Australia and New Zealand Limited issued TMD and the ETSL issued TMD will apply. The product issuer of Guaranteed Annuities Lifestream Guaranteed Income is Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671, a related body corporate of Nippon Life Insurance Australia and New Zealand Limited.
Nippon Life Insurance Australia and New Zealand Limited’s name and product names have recently changed. For more information click here.
On-sale insurance products
Acenda Insurance and Acenda Insurance Super (current versions)
| Non-super - products issued by Nippon Life Insurance Australia and New Zealand Limited | Super – products issued and owned by ETSL as trustee |
|---|---|
| Acenda Insurance TMD | Acenda Insurance Super TMD - ETSL |
On-sale retirement products
Retirement and Annuities
The product issuer of Guaranteed Annuities Lifestream Guaranteed Income is Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), a related body corporate of Nippon Life Insurance Australia and New Zealand Limited. As product issuer, only Resolution Life has obligations in respect of Guaranteed Annuities Lifestream Guaranteed Income product and provides any guarantee offered under it. Acenda is a registered trademark of Nippon Life Insurance Australia and New Zealand Limited and used by Resolution Life for the Guaranteed Annuities Lifestream Guaranteed Income under licence.
| Products issued by Resolution Life |
|---|
| Guaranteed Annuities Lifestream Guaranteed Income TMD - issued by Resolution Life Australasia Limited. |
Off-sale products
Personal Protection Portfolio and Life Cover Super (current versions)
| Non-super - products issued by Nippon Life Insurance Australia and New Zealand Limited | Super - products issued and owned by ETSL as trustee |
|---|---|
| Personal Protection Portfolio TMD | Life Cover Super TMD - ETSL |
Protectionfirst inside and outside super (current versions)
| Non-super - products issued by Nippon Life Insurance Australia and New Zealand Limited | Super - products issued and owned by ETSL as trustee |
|---|---|
| Protectionfirst outside super TMD | Protectionfirst Super TMD - ETSL |