The Law Handbook 2024

952 NOTE The law in this chapter is current as at 1 September 2023. Introduction The information in this chapter is about domestic and personal insurance, which includes: • motor vehicle insurance; • home building and home contents; • sickness and accident; • consumer credit; • travel and personal insurance; and • domestic property insurance. The chapter does not deal with contracts of re­ insurance, health insurance or life insurance, marine insurance, workers compensation or compulsory third-party (personal injury) motor vehicle insurance. General Insurance Code of Practice The General Insurance Code of Practice (‘ Insurance Code ’) sets service standards for the insurance industry. The latest version of the Insurance Code is effective from 1 October 2023. The objectives of the Insurance Code are: 1 to commit insurers to high standards of service; 2 to promote better, more informed relations between insurers and consumers; 3 to maintain and promote trust and confidence in the general insurance industry; 4 to provide fair and effective mechanisms for resolving complaints you make about insurers; and 5 to promote continuous improvement of the general insurance industry through education and training. The application of the Insurance Code to various aspects of insurance is discussed throughout this chapter. Insurance 10.4 A copy of the Insurance Code is available online (at https://insurancecouncil.com.au/cop) and from the Insurance Council of Australia (see ‘Contacts’ at the end of this chapter). Legislation Insurance-related Commonwealth and Victorian legislation includes the Insurance Contracts Act 1984 (Cth) and the Insurance Contracts Regulations 1985 (Cth). Insurance Contracts Act The Insurance Contracts Act 1984 (Cth) (‘ IC Act ’) is a significant piece of consumer protection legislation, which reformed the common law relating to insurance policies. The IC Act does not apply to policies of reinsurance, health insurance, marine insurance, workers compensation or compulsory third-party (personal injury) motor vehicle insurance. Those seeking to rely on a provision of the IC Act should check the Act carefully to find out whether the particular provision applies to the insurance policy or issue in question. A copy of the IC Act can be viewed at www.austlii.edu.au. Insurance contracts Regulations The Insurance Contracts Regulations 1985 (Cth) (‘ IC Regulations ’), among other things, prescribe standard cover for certain domestic insurance policies. It is important for policyholders and legal practitioners to consult the IC Regulations and check that the insurance policy under consideration conforms to the prescribed standard cover. Hayne Royal Commission In 2017, the federal government established the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This Royal Commission was led by former High Court Contributor: Mark J. Attard, Partner, Clyde & Co.