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Coronavirus (COVID-19)

Limiting avoidance of life insurance contracts

This consultation process has now been completed.
Date
-
Consultation Type
Exposure Draft

Key Documents

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that section 29(3) of the Insurance Contracts Act be amended so that an insurer may only avoid a contract of life insurance on the basis of non-disclosure or misrepresentation if it can show that it would not have entered into a contract on any terms (see recommendation 4.6). 
 
This consultation seeks stakeholder views on the exposure draft Bill and draft explanatory material that implements this reform.
 
365体育投注官网 The draft legislation seeks to strengthen consumer protection by including the extra condition for life insurers and prevent the insurer from inappropriately cancelling a contract in circumstances where the life insurer would still provide coverage.

Submissions

365体育投注官网No submissions are currently available.