Relevant Commonwealth and Victorian legislation includes the following.
The Insurance Contracts Act 1984 (Cth) (“IC Act”) Act applies to insurance policies entered into after 1 January 1986. The IC Act is a significant piece of consumer protection legislation, which reformed the common law relating to insurance policies. The IC Act does not apply to policies of reinsurance, health insurance, marine insurance, workers compensation or compulsory third-party (personal injury) motor vehicle insurance.
The IC Act is referred to extensively throughout this chapter. Those seeking to rely on a provision of the IC Act should check the Act carefully first to find out whether the particular provision applies to the insurance policy or issue in question. A copy of the IC Act can be viewed at www.austlii.edu.au.
The Insurance Contracts Regulations 1985 (Cth) (“IC Regulations”), among other things, prescribe standard cover for certain policies of domestic insurance (see “Prescribed contracts”).
It is important for policyholders and legal practitioners to consult the IC Regulations and check that the insurance policy under consideration conforms with the prescribed standard cover.
The Financial Services Reform Act 2001 (Cth) amended the Corporations Act 2001 (Cth) and introduced reforms that significantly affect the way insurance companies, their agents and insurance brokers, market and sell insurance policies.