The Minister for Finance and Acting Assistant Treasurer, Senator the Hon Mathias Cormann, has released for consultation the draft regulations for the insurance duty of disclosure notices addressing the Insurance Contracts Amendment Act 2013. The draft regulations provide the proposed notices that adopt the changes to the duty of disclosure brought about by the Amending Act. The draft regulations include:
- written notices in relation to:
- contracts of general insurance, life insurance and eligible contracts of insurance;
- the duty of disclosure for a person who will be insured by others; and
- an oral notice in relation to eligible contracts of insurance.
Submissions close on Friday 27 June 2014. To read more please click here.