Product Governance and Target Market Determinations (TMD) | 三井住友海上

Product Development and Distribution

Our insurance products are designed, developed and managed with our customer-centric focus in mind to ensure they meet the needs of our customers and deliver fair value.

When designing and distributing our insurance products, we thoroughly consider the following:

identifying the target market for each product and the needs of customers within the identified target market
making sure the design of each product meets its intended value (i.e., meeting the insurance needs and delivering fair value to our customers)
making our Product Disclosure Statements and other promotion materials
selecting an appropriate distribution channel and distribution method for each of our insurance products to make sure our products and reach the correct identified target markets.

We have developed appropriate product governance arrangements that cover the entire product lifecycle, including product design stage, product distribution stage and product monitoring and review stage to ensure we are fully compliant with the design and distribution obligations (DDO) stipulated in the Corporations Act 2001.

Further info about our product development and distribution can be found here

Target Market Determinations (TMD)

What’s a Target Market Determination?

A Target Market Determination is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers.

It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.

Why does Mitsui Sumitomo Insurance need to have Target Market Determinations?

We’re required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

This is to make sure we’re keeping customers at the centre of our approach to the design and distribution of our financial products.

Important information for entities or persons that engage in Retail Product Distribution Conduct in relation to Mitsui Sumitomo issued products.

Entities or persons engaging in Retail Product Distribution Conduct under the Product Design and Distribution Obligation laws (e.g. comparison websites who provide general advice in relation to products in scope of Product Design and Distribution Obligations) must report information outlined in Target Market Determinations within a specified timeframe to Product Issuers.

If you are looking to report information to Mitsui Sumitomo as outlined in our product Target Market Determinations, please contact or email any information to to discuss how to share this information with MSI.