Insurance Contracts Amendment Act 2012 (Cth)

Insurance Contracts Amendment Act 2012

No. 41, 2012

An Act to amend the Insurance Contracts Act 1984, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Definition of flood Insurance Contracts Act 1984 Schedule 2—Key Facts Sheets Insurance Contracts Act 1984

Insurance Contracts Amendment Act 2012 No. 41, 2012

An Act to amend the Insurance Contracts Act 1984, and for related purposes

[Assented to 15 April 2012]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Insurance Contracts Amendment Act 2012.

2 Commencement This Act commences on the day this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Definition of flood

Insurance Contracts Act 1984

1A Paragraph 11(10)(a) After "37", insert ", 37C".

1B Paragraph 11(10)(c) After "37", insert ", 37C".

1 After Division 1 of Part V Insert:

Division 1A—Definition of flood

37A Application of this Division (1) This Division applies in relation to a contract of insurance (in this Division called a prescribed contract) if: (a) the contract is included in a class of contracts of insurance declared by the regulations to be a class of contracts in relation to which this Division applies; and (b) the contract was entered into after the day on which those regulations were made. (2) However, this Division does not apply in relation to a prescribed contract at any time before the transition time for the prescribed contract. (3) Also, this Division does not affect the operation of a prescribed contract in relation to an event that occurred before the transition time for the prescribed contract. (4) In this section: transition time, for a prescribed contract, means the time when regulations made for the purposes of paragraph (1)(a), declaring a class of contracts of insurance including the contract to be a class of contracts in relation to which this Division applies, commence.