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

© Commonwealth of Australia 2012
ISBN 978-0-642-79615-8 (Printed version)
ISBN 978-0-642-79616-5 (HTML version)

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)

 

 

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