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ARTICLE · 30 JULY 2010

Regulatory: Insurance Contracts Act Reform

Norton Rose Fulbright Australia
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On 17 March 2010, the long-awaited Insurance Contracts Amendment Bill 2010 (Cth) was introduced into the House of Representatives.

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Stanley Drummond
Stanley Drummond
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On 17 March 2010, the long-awaited Insurance Contracts Amendment Bill 2010 (Cth) was introduced into the House of Representatives. The Bill contains numerous and wide-ranging amendments to the Insurance Contracts Act 1984 (Cth) (the Act) in the first general overhaul of the Act since its enactment in 1984.

Briefly, the Bill contains measures relating to:

  • the duty of utmost good faith
  • 'bundled' workers' compensation contracts
  • 'bundled contracts'
  • the use of electronic communication for statutory notices and documents
  • the powers of ASIC under the Act
  • disclosure and misrepresentations
  • remedies for bundled contracts of life insurance
  • the rights and obligations of third parties, and

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