Treasury has released an exposure draft of the Insurance Contracts Amendment Regulation 2012 (No.2) which will amend the Insurance Contracts Regulations 1985 to require an insurer to provide a consumer with a one page key facts sheet for home building and home contents insurance contracts. The key facts sheet includes particular content presented in a specified format and structure to aid the comparability of information.

The key facts sheets are intended to reduce consumer confusion regarding what is and is not included in insurance contracts and provide consumers with a mechanism to easily compare the key aspects of insurance contracts.