The Minister for Finance and Acting Assistant Treasurer, Senator the Hon Mathias Cormann, has released for public consultation draft amendments to the Insurance Contracts Regulations 1985 to prescribe new duty of disclosure notices.
The proposed amendments in the draft Regulations prescribe:
- 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.