Summary
Amends the Insurance Contracts Act 1984 in relation to: duty of utmost good faith; bundled workers’ compensation contracts; bundled contracts generally; electronic communication; powers of the Australian Securities and Investments Commission (ASIC); insureds’ duty of disclosure and duty to inform of duty of disclosure; eligible contracts of insurance; non-disclosure by life insureds; unbundling of contracts; remedies for non-disclosure and misrepresentation; remedy for misstatement of date of birth; cancellation of contracts; requests by third party beneficiaries to insurers for information; insurers’ defences in actions by third party beneficiaries; rights and obligations of third party beneficiaries under life insurance contracts; rights of third parties to recover against insurers; representative actions by ASIC on behalf of third party beneficiaries; non-disclosure or misrepresentation by members of group life insurance schemes; and subrogation.