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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Insurance Contracts Amendment Bill 2013
No. , 2013
(Treasury)
A Bill for an Act to amend the Insurance Contracts Act 1984 , and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 3
Schedule 1—Scope and application 4
Part 1—Duty of utmost good faith 4
Insurance Contracts Act 1984 4
Part 2—Bundled workers’ compensation contracts 7
Insurance Contracts Act 1984 7
Part 3—Bundled contracts generally 8
Insurance Contracts Act 1984 8
Schedule 2—Electronic communication 10
Insurance Contracts Act 1984 10
Schedule 3—Powers of ASIC 12
Insurance Contracts Act 1984 12
Schedule 4—Disclosure and misrepresentations 13
Part 1—Insureds’ duty of disclosure 13
Insurance Contracts Act 1984 13
Part 2—Eligible contracts of insurance 15
Division 1—Amendments commencing on Royal Assent 15
Insurance Contracts Act 1984 15
Division 2—Amendments commencing 30 months after Royal Assent 19
Insurance Contracts Act 1984 19
Part 3—Insurers’ duty to inform of duty of disclosure 22
Insurance Contracts Act 1984 22
Part 4—Non-disclosures by life insureds 25
Insurance Contracts Act 1984 25
Schedule 5—Remedies of insurers: life insurance contracts 27
Part 1—Unbundling of contracts 27
Insurance Contracts Act 1984 27
Part 2—Remedies for non-disclosure and misrepresentation 29
Insurance Contracts Act 1984 29
Part 3—Remedy for misstatement of date of birth 32
Insurance Contracts Act 1984 32
Part 4—Cancellation of contracts 34
Insurance Contracts Act 1984 34
Schedule 6—Third parties 36
Part 1—Requests by third party beneficiaries to insurers for information 36
Insurance Contracts Act 1984 36
Part 2—Insurers’ defences in actions by third party beneficiaries 38
Insurance Contracts Act 1984 38
Part 3—Rights and obligations of third party beneficiaries under life insurance contracts 41
Insurance Contracts Act 1984 41
Part 4—Rights of third parties to recover against insurers 43
Insurance Contracts Act 1984 43
Part 5—Representative actions by ASIC on behalf of third party beneficiaries 45
Insurance Contracts Act 1984 45
Part 6—Non-disclosure or misrepresentation by members of group life insurance schemes 46
Insurance Contracts Act 1984 46
Schedule 7—Subrogation 49
Insurance Contracts Act 1984 49
A Bill for an Act to amend the Insurance Contracts Act 1984 , and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Insurance Contracts Amendment Act 2013.
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1 |
The day this Act receives the Royal Assent. |
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3. Schedule 2 |
A single day to be fixed by Proclamation. However, if any of the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. |
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4. Schedule 3 |
The day this Act receives the Royal Assent. |
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5. Schedule 4, Part 1 |
The day after the end of the period of 30 months beginning on the day this Act receives the Royal Assent. |
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6. Schedule 4, Part 2, Division 1 |
The day this Act receives the Royal Assent. |
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7. Schedule 4, Part 2, Division 2 |
The day after the end of the period of 30 months beginning on the day this Act receives the Royal Assent. |
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8. Schedule 4, Parts 3 and 4 |
The day after the end of the period of 30 months beginning on the day this Act receives the Royal Assent. |
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9. Schedule 5, Part 1 |
The day this Act receives the Royal Assent. |
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10. Schedule 5, Part 2 |
The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent. |
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11. Schedule 5, Parts 3 and 4 |
The day this Act receives the Royal Assent. |
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12. Schedule 6, Parts 1 to 4 |
The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent. |
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13. Schedule 6, Part 5 |
The day this Act receives the Royal Assent. |
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14. Schedule 6, Part 6 |
The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent. |
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15. Schedule 7 |
The day after the end of the period of 6 months beginning on the day this Act receives the Royal Assent. |
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Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.