13Exposure limits for exempt financial services—total limit for all services etc.

13 Exposure limits for exempt financial services—total limit for all services etc.

(1) The provider meets the condition in this section for an eligible financial service if the provider ensures that no more than a total of $5 million made up of the following: (a) gross written premiums for eligible general insurance products; (b) gross written premiums for eligible life risk insurance products; (c) contributions in eligible superannuation products; (d) commitments to other kinds of financial product; (e) the value of credit contracts entered into in relation to eligible credit activities; arises for retail clients, wholesale clients and consumers as the result of the matters referred to in subsections (2) and (3). (2) For the purposes of paragraphs (1)(a) to (d), the matters are the provision of eligible financial services if: (a) either the provider, or a related body corporate of the provider, has or has had an exemption under section 6 for each of the eligible financial services; and (b) the provision of each of the eligible financial services, by the person with that exemption for that service, happened during the testing period of that person’s exemption for that service. (3) For the purposes of paragraph (1)(e), the matters are the engaging in of eligible credit activities if: (a) either the provider, or a related body corporate of the provider, has or has had an exemption under section 6 of the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020 for each of the eligible credit activities; and (b) each eligible credit activity was engaged in, by the person with that exemption for that credit activity, during the testing period (within the meaning of those Regulations) of that person’s exemption for that credit activity. (4) In this section:

consumer has the same meaning as in the National Consumer Credit Protection Act 2009.

credit contract has the same meaning as in the National Consumer Credit Protection Act 2009.

eligible credit activity has the same meaning as in the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020.

value has the same meaning as in the National Consumer Credit Protection Act 2009.