Insurance-related Commonwealth and Victorian Statutory rules made by parliament or by bodies the parliament delegates power to, for example a local council or a registration authority. See delegated legislation; statute. includes the following.
Insurance Contracts A written law made by parliament. Also called an ‘Act of parliament’, ‘statute’ or legislation. 1984 (Cth)
The Insurance Contracts Act 1984 (Cth) (‘IC Act’) is a significant piece of Under the Australian Consumer Law, a person who buys goods or services for less than $40 000 or for personal or home use. protection legislation, which reformed the (1) The system of law developed by the English courts through precedent and adopted in ‘common law countries’ in the British Commonwealth (as opposed to Roman law (civil law) or ecclesiastical law). (2) The case law made by judges in that system. (3) Case law that is not part of the law of equity. (4) Historically, the rules of law common to all people in England, as distinct from local or customary laws. 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 1985 (Cth)
The Insurance Contracts Regulations 1985 (Cth) (‘IC Regulations’), among other things, prescribe standard cover for certain domestic insurance policies (see ‘Prescribed contracts’, below). It is important for policyholders and legal practitioners to consult the IC Regulations and check that the insurance policy under Something of value, such as money, given by one person to another person as part of a contract. conforms to the prescribed standard cover.
Corporations Act 2001 (Cth)
The Financial Services Reform Act 2001 (Cth) amended the Corporations Act 2001 (Cth) and introduced reforms that significantly affect the way insurance companies, their agents and insurance brokers, market and sell insurance policies.