Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 2   Insurer avoidance of life insurance contracts, and duty to take reasonable care not to make a misrepresentation

Part 2   Duty to take reasonable care not to make a misrepresentation

Insurance Contracts Act 1984

19   Subsection 29(1)

Repeal the subsection (not including the note), substitute:

Scope

(1) This section applies if a relevant failure occurs in relation to a contract of life insurance, but does not apply if:

(a) the insurer would have entered into the contract even if the failure had not occurred; or

(b) the failure was in respect of the date of birth of one or more of the life insureds.