A reminder on the new duty of disclosure notices

22 February 2016

Changes to the Insurance Contracts Regulations, 1985, effective from 28 December 2015, repealed the former Regulation 3 and new Regulations 3, 3A and 3B are now in force. The new Regulations primarily provide guidance on the form of notices required to remind life insureds of their duty of disclosure.

The changes on 28 December 2015 primarily affect life insurance contracts, therefore disclosure materials and documentation used to advise clients of their duty of disclosure should by now have been reviewed to ensure compliance.

The required notices, as set out in the Regulations, can be located at: https://www.legislation.gov.au/Details/F2015L00573.

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