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Second Reading Speeches

Insurance Contracts Amendment Bill 2013

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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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.