ARTICLE · 14 NOVEMBER 2012

How does the Insurance Contracts Act affect insurers and what are the planned developments to the Act?

Colin Biggers & Paisley

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Insurers and brokers should be aware of the reforms proposed by the Insurance Contracts Amendment Bill 2010.

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Patrick Monahan

In brief - Insurers and brokers should be aware of reforms proposed by Bill

The Insurance Contracts Amendment Bill 2010 proposes to expand ASIC's powers, permit electronic communication of notices and other documents and make a number of other changes related to duty of disclosure, third party beneficiaries and subrogation.

Insurance Contracts Amendment Bill 2010 may amend Insurance Contracts Act 1984

The most likely future developments to the Insurance Contracts Act 1984 will arise from the Insurance Contracts Amendment Bill 2010 which the then federal government introduced into Parliament in March 2010. The Bill has not been further considered since the August 2010 federal election produced a hung parliament for the first time in Australia since 1940.

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