Commonwealth Consolidated Regulations

INSURANCE CONTRACTS REGULATIONS 1985 - REG 2B

(1)

A contract of insurance is an eligible contract of insurance if it:

(a)

is for new business; and

(b)

is wholly in a class of contracts that is declared to be a class of contracts in relation to which Division 1 of Part V of the Act applies.

Note    The following regulations declare certain classes of insurance contracts for Division 1 of Part V of the Act:
* regulation 5 (motor vehicle insurance)
* regulation 9 (home buildings insurance)
* regulation 13 (home contents insurance)
* regulation 17 (sickness and accident insurance)
* regulation 21 (consumer credit insurance)
* regulation 25 (travel insurance)

(2)

A contract of insurance is an eligible contract of insurance if:

(a)

it is not mentioned in subregulation (1); and

(b)

it is for new business; and

(c)

the insurer, before the contract is entered into, gives to the insured:

(i)

a written notice in accordance with the form set out in Part 3 of Schedule 1; or

(ii)

an oral notice in accordance with the words set out in Schedule 2; or

(iii)

a notice otherwise complying with subsection 22 (1) of the Act clearly informing the insured of the general nature and effect of the duty of disclosure and the general nature and effect of section 21A of the Act.