On 18 December 2017, the Government announced that it would extend the unfair contract term provisions to contracts of insurance. The Government is now seeking stakeholder views on a proposed model to implement this policy.
The proposed model seeks to ensure that consumers and small businesses that purchase insurance have the same access to protection from unfair terms in insurance contracts as they do for other contracts for financial products and services.
This proposed model involves amending the Insurance Contracts Act 1984 (IC Act) to allow the UCT laws in the Australian Securities and Investments Commission Act 2001 (ASIC Act) to apply to insurance contracts regulated by the IC Act.
In addition, it is proposed that the UCT laws in the ASIC Act will be tailored to accommodate specific features of insurance contracts.
- Allianz - PDF 2MB
- Australian Competition and Consumer Commission - PDF 904KB
- Australian Lawyers Alliance - PDF 1MB
- Australian Lottery and Newsagents’ Association - PDF 366KB
- Australian Securities and Investments Commission - PDF 740KB
- Australian Small Business and Family Enterprise Ombudsman - PDF 814KB
- CHOICE - PDF 139KB
- Consumer Action Law Centre - PDF 3MB
- Financial Services Council - PDF 852KB
- Insurance Council of Australia - PDF 104KB
- LaBlack, Skye - PDF 30KB
- Law Council of Australia - PDF 4MB
- Law Society of NSW - PDF 1MB
- Legal Aid NSW - PDF 699KB
- Maurice Blackburn Lawyers - PDF 682KB
- Motor Trades Association of Australia - PDF 2MB
- National Insurance Brokers Association - PDF 507KB
- Professor Paul Latimer - PDF 98KB
- Queensland Law Society - PDF 2MB
- Queensland Legal Aid - PDF 1MB
- Redfern Legal Centre and Financial Rights Legal Center - PDF 1MB
- Slater and Gordon - PDF 911KB
- Suncorp - PDF 145KB