The Insurance Contracts Amendment Regulation 2015 (No. 1) has been registered.

This regulation amends the Insurance Contracts Regulations 1985 to prescribe new notices in relation to the duty of disclosure requirements of insureds.

The Regulation prescribes the form of words (notices) in relation to:

• contracts of general insurance, life insurance and eligible contracts of insurance;
• the duty of disclosure in relation to a person who will be insured by others; and
• an oral notice in relation to eligible contracts of insurance.

“Eligible contracts” are new contracts for motor vehicle insurance, home buildings insurance, home contents insurance, sickness and accident insurance, consumer credit insurance and travel insurance.

Until 28 December 2015, insurers may use either the current notices or the new notices.

From 28 December 2015 insurers will be required to use the new notices.