Commonwealth Consolidated Acts

INSURANCE CONTRACTS ACT 1984 - SECT 33C

  (1)   An insurer must provide a Key Facts Sheet for a prescribed contract, or a potential prescribed contract, in the circumstances, and in the manner, prescribed by the regulations.

Civil penalty:   5,000 penalty units.

  (2)   Regulations made for the purposes of subsection   (1) may prescribe circumstances in which a Key Facts Sheet may or must be provided by electronic means. The regulations have effect despite subsection   77(1).

  (3)   The regulations may prescribe exceptions to the requirement in subsection   (1).

Note:   A defendant bears an evidential burden in relation to a matter prescribed for the purposes of subsection   (3) (see subsection   13.3(3) of the Criminal Code ).

  (4)   The following provisions do not apply in relation to the requirement in subsection   (1):

  (a)   subsection   11(11);

  (b)   section   69.

Offence

  (5)   An insurer commits an offence if:

  (a)   the insurer is subject to a requirement under subsection   (1); and

  (b)   the insurer engages in conduct; and

  (c)   the conduct contravenes the requirement.

Penalty:   150 penalty units.