Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a contract covered by subsection (2) or (3) is renewed, or was renewed on or after 5 April 2021, this Subdivision does not apply, and is taken never to have applied, to the contract as renewed.
Note: 5 April 2021 is the day on which Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response--Protecting Consumers (2019 Measures)) Act 2020 commenced.
(2) This subsection covers a contract that:
(a) constitutes a life policy within the meaning of the Life Insurance Act 1995 ; and
(b) was made before 5 April 2021; and
(i) is guaranteed renewable; or
(ii) the insurer guarantees not to cancel in response to a change in the risk.
(3) This subsection covers a contract to which this Subdivision
does not apply because of one or more previous applications of this section.