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ARTICLE · 30 MAY 2013

Public Consultation Commences For Insurance Contracts Amendment (Unfair Terms) Bill 2013

Clyde & Co
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The Assistant Treasurer has released an Exposure Draft of the Insurance Contracts Amendment (Unfair Terms) Bill 2013.

United KingdomInsurance
Dean Carrigan
Dean Carrigan
Krystle Gardner
Krystle Gardner
Avryl Lattin
Avryl Lattin
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The Assistant Treasurer has released an Exposure Draft of the Insurance Contracts Amendment (Unfair Terms) Bill 2013 (the Bill). The closing date for public consultation is 31 May 2013.

As foreshadowed in our March 2013 client update, the proposed unfair contract terms regime for insurance contracts will be based on the unfair contract terms regime that currently applies under the Australian Securities and Investments Act 2001 (ASIC Act) to most other, non-insurance financial products and services. Under the draft legislation the Insurance Contracts Act 1984 (the ICA) would be amended to apply, with slight modifications, the unfair contract terms regime provisions from the ASIC Act to standard form consumer contracts of general insurance.

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