The exposure draft of the Insurance Contracts Regulations 2017 remakes the Insurance Contracts Regulations 1985 (the Regulations), which is due to sunset on 1 April 2018.
The exposure draft on the Regulations propose design changes to the Regulations to improve its operation, including clarification of some definitions, language changes to reflect contextual changes, restructuring provisions for ease of navigation and providing appropriate transitional arrangements. Other minor changes to the Regulations have also been made.
The exposure draft on the Insurance Contracts and Other Laws (Repeal and Consequential Amendments Regulations) 2017 is to support the Regulations by updating the Insurance Regulations 2002, updating the Terrorism Insurance Regulations 2003 and repealing the Insurances Contracts Regulations 1985 as it is being remade by the Regulations.
Further details on both the Regulations and its Consequential Regulations are contained in the Explanatory Statement.
The community’s views are sought on the proposed Insurance Contracts Regulations 2017 and the Insurance Contracts and Other Laws (Repeal and Consequential Amendments Regulations) 2017.