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.
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