Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)

Schedule 4   Amendment of the Insurance Contracts Act 1984

Part 1   Amendments

Insurance Contracts Act 1984

2   After subsection 13(2)

Insert:

(2A) An insurer under a contract of insurance contravenes this subsection if the insurer fails to comply with the provision implied in the contract by subsection (1).

Civil penalty: 5,000 penalty units.