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INSURANCE CONTRACTS REGULATIONS 2017 (F2017L01658) - NOTES

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

 


  



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