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House of Representatives Committees

| House of Representatives Standing Committee on Economics

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Advisory report on the Insurance Contracts Amendment Bill 2011

16 February 2012

View the report as a single document - (PDF 348KB)

View the report as separate downloadable parts:



Preliminary Pages	(PDF 78KB)

Chapter 1 Introduction	(PDF 199KB)
Referral of the Bill Origins and purpose of the Bill Standard definition of flood Key Facts Sheet Date of effect Release of draft regulations Treasury Consultation Second round Natural Disaster Insurance Review Objectives and scope of the inquiry

Chapter 2 Analysis of the Bill	(PDF 115KB)
Overview Proposed section 37C – Insurer must clearly inform insured whether prescribed contract provides insurance cover in respect of flood Application to new policies, renewals, extensions, variations and reinstatements Conclusion Proposed section 37D – Circumstances in which prescribed contract is taken to provide insurance cover etc in respect of flood Interaction of proposed section 37D and the standard definition of flood Conclusion Proposed section 33C – Insurers obligation to provide Key Fact Sheet The provision of insurance quotations and the need to provide a KFS Conclusion Size of Key Facts Sheet Conclusion Compliance cost impact Transition period Conclusion Overall conclusion

Appendix A – Submissions	(PDF 21KB)

Appendix B – Hearings and witnesses	(PDF 31KB)

Appendix C – List of advisory reports	(PDF 30KB)

Supplementary Remarks – Mr Steven Ciobo MP, Deputy Chair, Ms Kelly O’Dwyer MP, Mr Scott Buchholz MP, Liberal Party of Australia	(PDF 48KB)