Financial Sector Reform (Hayne Royal Commission Response - Protecting Consumers (2019 Measures)) Act 2020 (2 of 2020)

Schedule 1   Unfair contract terms in insurance contracts

Australian Securities and Investments Commission Act 2001

3   At the end of subsection 12BI(1)

Add:

; or (d) if the contract is an Insurance Contracts Act insurance contract - is a transparent term that:

(i) is disclosed at or before the time the contract is entered into; and

(ii) sets an amount of excess or deductible under the contract.