By His Excellency's Command
Kelly O'Dwyer
Minister for Revenue and Financial Services
Contents
Part 1--Preliminary 1
1............ Name............................................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Definitions..................................................................................................................... 1
5............ Definition of consumer credit insurance....................................................................... 4
Part 2--Disclosures and misrepresentations 5
Division 1--Insured's duty of disclosure 5
6............ Eligible contracts of insurance....................................................................................... 5
7............ Duty of disclosure--written notice................................................................................ 5
8............ Duty of disclosure--reminder notice............................................................................. 6
9............ Duty of disclosure--oral notice..................................................................................... 6
Division 2--Remedies for non-disclosure and misrepresentations by insured 7
10.......... Prescribed rate of interest.............................................................................................. 7
Division 3--Key Facts Sheets 8
11.......... Application of Division................................................................................................. 8
12.......... What is a Key Facts Sheet?............................................................................................ 8
13.......... Insurer's obligation to provide Key Facts Sheet............................................................ 8
Part 3--The contract 10
Division 1--Standard cover 10
Subdivision A--Purpose of Division 10
14.......... Purpose of Division.................................................................................................... 10
Subdivision B--Motor vehicle insurance 10
15.......... Prescribed contracts..................................................................................................... 10
16.......... Prescribed events......................................................................................................... 10
17.......... Minimum amounts...................................................................................................... 13
Subdivision C--Home buildings insurance 13
18.......... Prescribed contracts..................................................................................................... 13
19.......... Prescribed events......................................................................................................... 13
20.......... Minimum amounts...................................................................................................... 15
Subdivision D--Home contents insurance 16
21.......... Prescribed contracts..................................................................................................... 16
22.......... Prescribed events......................................................................................................... 16
23.......... Minimum amounts...................................................................................................... 18
Subdivision E--Sickness and accident insurance 19
24.......... Prescribed contracts..................................................................................................... 19
25.......... Prescribed events......................................................................................................... 19
26.......... Minimum amounts...................................................................................................... 20
Subdivision F--Consumer credit insurance 21
27.......... Prescribed contracts..................................................................................................... 21
28.......... Prescribed events......................................................................................................... 22
29.......... Minimum amounts...................................................................................................... 22
Subdivision G--Travel insurance 23
30.......... Prescribed contracts..................................................................................................... 23
31.......... Prescribed events......................................................................................................... 23
32.......... Minimum amounts...................................................................................................... 25
Division 2--Definition of flood 27
33.......... Prescribed contracts..................................................................................................... 27
34.......... Meaning of flood in prescribed contracts etc............................................................... 27
35.......... Meaning of small business.......................................................................................... 28
Division 3--General provisions relating to insurance contracts 29
36.......... Classes of contracts of insurance in relation to which section 46 of the Act does not apply 29
37.......... Classes of contracts of insurance in relation to which section 53 of the Act does not apply 29
Part 4--Claims 31
38.......... Interest on claims......................................................................................................... 31
39.......... Insurance for risks related to war and terrorism.......................................................... 31
Part 5--Transitional matters 33
40.......... Things done under the Insurance Contracts Regulations 1985................................... 33
41.......... References to provisions of the Insurance Contracts Regulations 1985..................... 33
Schedule 1--Writing to inform of duty of disclosure 34
Part 1--Contracts of general insurance, other than eligible contracts of insurance 34
Part 2--Contracts of life insurance 35
Part 3--Eligible contracts of insurance 36
Part 4--Renewal of eligible contracts of insurance 37
Schedule 2--Writing to inform persons to be insured by others 38
Schedule 3--Writing to remind of duty of disclosure 39
Part 1--Contracts of general insurance, other than eligible contracts of insurance 39
Part 2--Contracts of life insurance 40
Part 3--Eligible contracts of insurance 41
Schedule 4--Words to inform of duty of disclosure for eligible contracts of insurance 42
Schedule 5--Key Facts Sheets 43
Form 1--Home buildings insurance contract 43
Form 2--Home contents insurance contract 45