Commonwealth Numbered Acts Commonwealth Numbered Acts
1 Subsection 11(1)
Insert:
"engage in conduct" means:
(a) do an act; or
(b) omit to perform an act.
2 Subsection 11(1)
Insert:
"this Act" includes the regulations.
3 Division 1 of Part IV (heading)
Repeal the heading, substitute:
Division 1 -- Insured's duty of disclosure
4 Division 2 of Part IV (heading)
Repeal the heading, substitute:
Division 2 -- Misrepresentations by insured
5 Division 3 of Part IV (heading)
Repeal the heading, substitute:
Division 3 -- Remedies for non-disclosure and misrepresentations by insured
6 At the end of Part IV
Add:
Division 4 -- Key Facts Sheets
33A Application of this Division
This Division applies in relation to:
(a) a contract of insurance (in this Division called a prescribed contract ) that is included in a class of contracts of insurance declared by the regulations to be a class of contracts in relation to which this Division applies; and
(b) a proposed or possible contract of insurance (in this Division called a potential prescribed contract ) that would, if entered into, be a prescribed contract.
33B What is a Key Facts Sheet ?
For the purposes of this Division, a Key Facts Sheet for a prescribed contract, or a potential prescribed contract, is a document:
(a) that contains the information relating to the prescribed contract, or the potential prescribed contract, that is required by the regulations; and
(b) that complies with any other requirements prescribed by the regulations.
33C Insurer's obligation to provide Key Facts Sheet
(1) An insurer must provide a Key Facts Sheet for a prescribed contract, or a potential prescribed contract, in the circumstances, and in the manner, prescribed by the regulations.
(2) Regulations made for the purposes of subsection (1) may prescribe circumstances in which a Key Facts Sheet may or must be provided by electronic means. The regulations have effect despite subsection 77(1).
(3) The regulations may prescribe exceptions to the requirement in subsection (1).
Note: A defendant bears an evidential burden in relation to a matter prescribed for the purposes of subsection (3) (see subsection 13.3(3) of the Criminal Code ).
(4) The following provisions do not apply in relation to the requirement in subsection (1):
(a) subsection 11(11);
(b) section 69.
Offence
(5) An insurer commits an offence if:
(a) the insurer is subject to a requirement under subsection (1); and
(b) the insurer engages in conduct; and
(c) the conduct contravenes the requirement.
Penalty: 150 penalty units.
33D Provision of Key Facts Sheet does not constitute clearly informing
For the purposes of this Act, the provision by an insurer of a Key Facts Sheet to a person does not constitute clearly informing the person of the matters contained in the Key Facts Sheet.