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Insurance Contracts Act 1984
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Department of the Treasury
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C2016C00037 C23
28 December 2015
-
30 June 2016
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Part I—Preliminary
1 Short title
2 Commencement
3 Repeals
4 Previous contracts
5 Crown to be bound
6 Extension to external Territories
7 Effect of Act on other laws
8 Application of Act
9 Exceptions to application of Act
9A Exclusion of pleasure craft from the Marine Insurance Act 1909
10 Contracts of insurance
11 Interpretation
11AA Application of the Criminal Code
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Part IA—Administration
11AAA Definition
11A ASIC responsible for general administration of Act
11B Powers of the ASIC
11C Supervisory powers—ASIC may obtain insurance documents
11D Supervisory powers—ASIC may review administrative arrangements etc.
11DA Supervisory powers—liability of directors, employees and agents of insurers
11E Examination of documents by ASIC not to imply compliance with relevant legislation
11F ASIC’s power to intervene in proceedings
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Part II—The duty of the utmost good faith
12 This Part not to be read down
13 The duty of the utmost good faith
14 Parties not to rely on provisions except in the utmost good faith
14A Powers of ASIC—insurer’s failure to comply with the duty of the utmost good faith in relation to handling or settlement of claims
15 Certain other laws not to apply
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Part III—Insurable interests
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Division 1—General insurance
16 Insurable interest not required
17 Legal or equitable interest not required at time of loss
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Division 2—Other contracts of insurance
18 Insurable interest not required
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Division 3—Naming of persons benefited
20 Persons benefited need not be named
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Part IV—Disclosures and misrepresentations
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Division 1—Insured’s duty of disclosure
21 The insured’s duty of disclosure
21A Eligible contracts of insurance—disclosure before contract originally entered into
21B Eligible contracts of insurance—disclosure before contract renewed
22 Insurer to inform of duty of disclosure
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Division 2—Misrepresentations by insured
23 Ambiguous questions
24 Warranties of existing facts to be representations
25 Misrepresentation by life insured
26 Certain statements not misrepresentations
27 Failure to answer questions
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Division 3—Remedies for non-disclosure and misrepresentations by insured
27A Certain contracts of life insurance may be treated as if they comprised 2 or more separate contracts of life insurance
28 General insurance
29 Life insurance
30 Misstatements of age
31 Court may disregard avoidance in certain circumstances
31A Non-disclosure by life insured
32 Non-disclosure or misrepresentation by life insured covered under group life contract
32A Non-disclosure or misrepresentation by holder of RSA
33 No other remedies
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Division 4—Key Facts Sheets
33A Application of this Division
33B What is a Key Facts Sheet?
33C Insurer’s obligation to provide Key Facts Sheet
33D Provision of Key Facts Sheet does not constitute clearly informing
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Part V—The contract
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Division 1—Standard cover
34 Interpretation
35 Notification of certain provisions
36 Interpretation of regulations
37 Notification of unusual terms
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Division 1A—Definition of flood
37A Application of this Division
37B Meaning of flood in prescribed contracts etc.
37C Insurer must clearly inform insured whether prescribed contract provides insurance cover in respect of flood
37D Circumstances in which prescribed contract is taken to provide insurance cover etc. in respect of flood
37E Division not to affect provision of insurance cover for certain events
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Division 2—General provisions relating to insurance contracts
38 Interim contracts of insurance
39 Instalment contracts of general insurance
40 Certain contracts of liability insurance
41 Contracts of liability insurance—consent of insurer required for settlement etc. of claim
42 Maximum cover for premium
43 Arbitration provisions
44 Average provisions
45 “Other insurance” provisions
46 Pre-existing defect or imperfection
47 Pre-existing sickness or disability
48 Contracts of general insurance—entitlements of third party beneficiaries
48AA Life policy in connection with RSA for the benefit of third party beneficiary
48A Life policy for the benefit of third party beneficiary
49 Where sum insured exceeds value of insured’s interest
50 Sale of insured property
51 Claims against insurer in respect of liability of insured or third party beneficiary
52 “Contracting out” prohibited
53 Variation of contracts of insurance
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Division 3—Remedies
54 Insurer may not refuse to pay claims in certain circumstances
55 No other remedies
55A Representative actions by the ASIC
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Part VI—Claims
56 Fraudulent claims
57 Interest on claims
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Part VII—Expiration, renewal and cancellation
58 Insurer to notify of expiration of contracts of general insurance
59 Cancellation procedure
59A Cancellation of contracts of life insurance
60 Cancellation of contracts of general insurance
61 Insurers in liquidation
62 Cancellation of instalment contracts of general insurance
63 Cancellations of contracts of insurance void
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Part VIII—Subrogation
64 Application to third party beneficiaries
65 Subrogation to rights against family etc.
66 Subrogation to rights against employees
67 Rights with respect to money recovered under subrogation etc.
68 Contracts affecting rights of subrogation
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Part IX—Information, notices and reasons
69 Giving of information to insureds
70 Notices to be given to life insureds in certain cases
71 Agency
72 Content and other requirements for notices etc. to be given in writing
72A Method for giving written notices or documents
74 Policy documents to be supplied on request
75 Reasons for cancellation etc. to be given
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Part X—Miscellaneous
76 Contribution between insurers
78 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
