Legislation

5 Feb

Insurance-related Commonwealth and Victorian legislation includes the Insurance Contracts Act 1984 (Cth) (‘IC Act’) and the Insurance Contracts Regulations 1985 (Cth) (‘IC Regulations’).

The 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.
The IC Regulations, among other things, prescribe standard cover for certain domestic insurance policies. 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.