The insurance industry operates under a General Insurance Code of Practice directed at standards and consumer protection and other legislation covering the contents of insurance policies and standard cover for some domestic insurance policyholders. Insurance marketing and selling practices have been reformed by financial services legislation.

Contributor

Mark Attard

Partner, Clyde & Co.

Legislation related to insurance

Last updated

1 July 2020

Insurance-related Commonwealth and Victorian legislation includes the following.

Insurance Contracts Act 1984 (Cth)

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 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 consideration 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.

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