Commonwealth Numbered Regulations

FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE) (2021 MEASURES NO. 1) REGULATIONS 2021 (F2021L00127) - REG 4

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1 -- Duty to take reasonable care not to make a misrepresentation

Insurance Contracts Regulations 2017

1  Subsection 4(1) (definition of eligible contract of insurance )

Repeal the definition.

2  Section 6

Repeal the section.

3  Paragraph 7(2)(a)

Omit "that is not an eligible contract of insurance".

4  Paragraph 7(2)(b)

Omit "Schedule 1; and", substitute "Schedule 1.".

5  Paragraphs 7(2)(c) and (d)

Repeal the paragraphs.

6  Subsection 7(3)

After "a life insured", insert "(other than under a consumer insurance contract)".

7  At the end of section 7

Add:

Note:          This section does not apply to consumer insurance contracts (see section 20E of the Act).

8  Paragraph 8(2)(a)

Omit "that is not an eligible contract of insurance".

9  Paragraph 8(2)(b)

Omit "Schedule 3; and", substitute "Schedule 3.".

10  Paragraph 8(2)(c)

Repeal the paragraph.

11  At the end of section 8

Add:

Note:          This section does not apply to consumer insurance contracts (see section 20E of the Act).

12  Section 9

Repeal the section.

13  Subsection 40(2) (example 1)

Repeal the example.

14  Subsection 40(2) (example 2)

Omit "Example 2", substitute "Example".

15  In the appropriate position in Part 5

Insert: