Yesterday the Senate passed the Insurance contracts Amendment Bill 2013 (Cth).
The major amendments to the Insurance Contracts Act 1984 relate to:
- the removal of impediments to the use of electronic communication for statutory notices and documents;
- the provision of new powers to the Australian Securities and Investments Commission to take action to address breaches of the duty of utmost good faith by insurers, including in respect of claims handling; and
- simplifying the duty of disclosure to improve consumers comprehension and capacity to comply with.