As part of the Product Design and Distribution Obligations (DDO), insurers and other issuers of financial products 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 5th October 2021, insurance and financial product distributors like Marsh Advantage Insurance 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.
For all TMDs, please click here.