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Insurance Contracts Amendment Bill 2012

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2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Insurance Contracts Amendment Bill 2011

 

 

(1)     Schedule 1, page 3 (after line 3), before item 1, insert:

1A  Paragraph 11(10)(a)

After “37”, insert “, 37C”.

1B  Paragraph 11(10)(c)

After “37”, insert “, 37C”.

[requirement to clearly inform insured whether flood cover provided]

(2)     Schedule 1, item 1, page 4 (line 27), omit “The prescribed contract is taken”, substitute “The flood provisions of the prescribed contract are taken”.

[circumstances in which insurance cover is provided in respect of flood]

(3)     Schedule 1, item 1, page 5 (lines 3 and 4), omit “the prescribed contract is taken”, substitute “those provisions are taken”.

[circumstances in which insurance cover is provided in respect of flood]

(4)     Schedule 1, item 1, page 5 (lines 7 and 8), omit “the contract”, substitute “those provisions”.

[circumstances in which insurance cover is provided in respect of flood]

(5)     Schedule 1, item 1, page 5 (after line 15), after subsection 37D(5), insert:

          (5A)  To avoid doubt, this section does not affect the operation of any provisions of a prescribed contract that are not flood provisions.

[circumstances in which insurance cover is provided in respect of flood]

(6)     Schedule 1, page 5 (after line 30), at the end of the Schedule, add:

2  Subsection 38(3)

After “37”, insert “, 37C”.

[requirement to clearly inform insured whether flood cover provided]