Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) This section is made for the purposes of the definition of eligible contract of insurance in subsection 21A(6) of the Act.
(2) A contract of insurance is an eligible contract of insurance if it:
(a) is for new business; and
(b) is wholly in a class of contracts that is declared to be a class of contracts in relation to which Division 1 of Part V of the Act applies.
Note: The following sections of this instrument declare certain classes of insurance contracts to be classes of contracts in relation to which Division 1 of Part V of the Act applies (see the definition of prescribed contract in section 34 of the Act):
(a) section 15 (motor vehicle insurance);
(b) section 18 (home buildings insurance);
(c) section 21 (home contents insurance);
(d) section 24 (sickness and accident insurance);
(e) section 27 (consumer credit insurance);
(f) section 30 (travel insurance).
(3) A contract of insurance is an eligible contract of insurance if:
(a) it is not mentioned in subsection (2); and
(b) it is for new business; and
(c) the insurer, before the contract is entered into, gives to the insured:
(i) a written notice in accordance with the form set out in Part 3 of Schedule 1; or
(ii) an oral notice in accordance with the words set out in Schedule 4; or
(iii) a notice otherwise complying with subsection 22(1) of the Act clearly informing the insured of the general nature and effect of the duty of disclosure and the general nature and effect of section 21A of the Act.