Target Market Determinations

On 5 October 2021, the new Design and Distribution Obligations regime will be introduced for product issuers and distributors of a range of financial products, including life insurance.

The Design & 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.

As part of this change, as a product issuer, we have developed Target Market Determinations (TMDs) that define and describe the intended target market for our products.

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, we 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 we 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.

MLC Life Insurance TMDs

Below is a list of our Target Market Determinations. In some cases, more than one product is grouped under a TMD. Where the product will be owned by NULIS as trustee and issued to the customer as a member of the MLC Super Fund, both the MLC Limited issued TMD and the NULIS issued TMD will apply.

On sale: Retail Advised Product TMDs

Non-super and super products with a PDS issued by MLC Limited Super – products issued and owned by NULIS as trustee
MLC Insurance and MLC Insurance Super TMD MLC Insurance Super TMD - NULIS

Off-sale: Retail Advised Product TMDs 

Non-super and super products with a PDS issued by MLC Limited
Super – products issued and owned by NULIS as trustee
Personal Protection Portfolio and Life Cover Super TMD
Life Cover Super TMD - NULIS
Protectionfirst inside and outside super TMD
Protectionfirst Super TMD – NULIS
Whole of Life TMD  
MLC Term Insurance TMD  
MLC Endowment TMD  
MLC Pure Endowment TMD  

Direct Product TMDs

On-sale Off-sale
MLC Debt Insurance TMD MLC Essentials and NAB Essentials TMD