On 4 February 2019 the Government announced it would extend the UCT regime to insurance contracts in response to Recommendation 4.7 of the Financial Services Royal Commission. This consultation seeks stakeholder views on the exposure draft Bill, draft Explanatory Memorandum and draft Regulation Impact Statement.
Since 2010 UCT laws have applied across the economy in most sectors that use standard form contracts in their dealings with consumers. Although the UCT laws apply to most financial products and services regulated by the Australian Securities and Investments Commission Act 2001 (ASIC Act), they do not currently apply to insurance contracts regulated under the Insurance Contracts Act 1984 (Insurance Contracts Act). The draft Bill extends the UCT regime to insurance contracts.
You can submit responses to this consultation up until 28 August 2019.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Financial System Division
Parkes ACT 2600