Insurance Law

A Facelift for the Insurance Contracts Act but Section 54 Avoids the Knife

Contact: Carter Newell (Queensland, Australia)

The Insurance Contracts Amendment Bill 2013 (Cth) received Royal Assent on 28 June 2013 and is now in effect as the Insurance Contracts Amendment Act 2013 (Cth) (the ICAA).

The ICAA has travelled a long and bumpy road but now, almost ten years after it was first conceived,(1) the ICAA has become law. This brings the Insurance Contracts Act 1984 (Cth) (the ICA) up to speed with developments in technology and the insurance industry, as well as addressing a number of unforeseen problems that have arisen since the ICA was first drafted.

There is a vast amount of information available on the rationale of the amendments and this article contains only a broad overview of the background and effect of the amendments to the ICA.

Read the entire article.

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