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ARTICLE · 30 OCTOBER 2013

A new era for the Insurance Contracts Act?

Holman Webb
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It is arguable that the changes to the Act represent a refinement rather than a revolution as they do not go far enough.

AustraliaInsurance
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By John Van de Poll and Uma Kotecha

The Insurance Contracts Act (ICA) has been described as one of the most significant and comprehensive pieces of consumer protection legislation ever enacted in Australia. Fundamental changes have recently been introduced, but it has also left matters silent on other fronts. The various provisions begin at different times between 28 June 2013 and December 2015, in order to allow insurers some time to amend their internal policies and procedures to take account of the new changes, many of which apply to general commercial policies. The majority of the provisions also only apply if the policy is entered into after the provision has commenced. It is imperative that brokers and underwriters are made aware of these changes.

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