Ros Wicks | November 2012 | Insurance & Financial Services
The Hon Bill Shorten MP has just released exposure draft legislation in relation to the Insurance Contracts Amendment Bill (the 2013 Bill). As many of you will be aware the Insurance Contracts Amendment Bill 2010 (the 2010 Bill) was introduced into Parliament in March 2010. The 2010 Bill contained amendments to the Insurance Contracts Act 1984 (the ICA), arising from the recommendations in the Cameron/Milne report into the operation of the ICA.
The 2010 Bill lapsed due to the calling of the federal election and on 17 February 2012 Treasury held a roundtable discussion with key stakeholders to discuss the potential re-introduction of the amendments contained in the 2010 Bill. The draft legislation just released by The Hon Bill Shorten MP contains four proposed refinements which address the concerns raised in relation to: 1. the insured’s duty of disclosure; 2. insurer’s remedies under life insurance contracts; 3. the application of duty of disclosure changes; and 4. bundled life insurance contracts.
TurkAlert
Insurance Contracts Amendment Bill
An invitation has been extended to interested parties to comment on the exposure draft before the 2013 Bill is introduced into Parliament. The closing date for submissions is Wednesday 12 December 2012. For more information in relation to making a submission and to view the exposure draft and explanatory material please click here. TurksLegal will keep you informed of further developments.
For more information, please contact: Ros Wicks Senior Associate T: 02 8257 5779 M: 0417 023 604 ros.wicks@turkslegal.com.au
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