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'Add-on insurance' is a term that covers a range of practices in which a consumer may be offered one or more insurance products when purchasing a product or service (e.g., the purchase of travel insurance may be offered to a customer at the time they enter into a contract to buy a ticket for a flight). In recent years poor practices and poor quality add-on insurance products have been the subject of considerable criticism and debate. For example, The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (see: https://financialservices.royalcommission.gov.au/Pages/default.aspx) identified a number of problems with these products and The Treasury of the Australian Government has been exploring the possibility of reforming add-on insurance (see, for example, https://treasury.gov.au/consultation/c2019-t408984). One industry in which there has been considerable concern about add-on insurance is car dealerships which typically seek to sell various types of add-on insurance to consumers buying motor vehicles (for a description of common types of car dealership add-on insurance see: http://understandinsurance.com.au/add-on-insurance).

On 5th August, 2020, the Australian Securities and Investments Commission (ASIC) issued media release 20-179MR in which it announced a consultation process regarding proposals to initiate a product intervention order for the sale of add-on motor vehicle financial risk products (i.e., car dealership add-on insurance products). The media release can be found at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-179mr-asic- consults-on-proposed-product-intervention-order-for-the-sale-of-add-on-motor-vehicle-financial- risk-products/. Note: the media release is NOT a statement of what the ASIC product intervention order is. You will need to find that separately.

Providing an overview of what problems have been identified in recent years with car dealership add-on insurance products and a description and evaluation of ASIC's proposed product intervention order. Is that the proposals are likely to improve consumers' experience with car dealership add-on insurance products.