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

Schedule 1   Unfair contract terms in insurance contracts

Insurance Contracts Act 1984

9   Subsection 15(2)

Omit all the words after "but does not", substitute:

include:

(c) relief in the form of compensatory damages; or

(d) relief relating to the effect of section 12BF (unfair contract terms) of the Australian Securities and Investments Commission Act 2001.

Note: See Subdivision G (enforcement and remedies) of Division 2 of Part 2 of the Australian Securities and Investments Commission Act 2001 for certain remedies relating to the effect of section 12BF of that Act.