Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Division applies in relation to a contract of insurance (in this Division called a prescribed contract ) if:
(a) the contract is included in a class of contracts of insurance declared by the regulations to be a class of contracts in relation to which this Division applies; and
(b) the contract was entered into after the day on which those regulations were made.
(2) However, this Division does not apply in relation to a prescribed contract at any time before the transition time for the prescribed contract.
(3) Also, this Division does not affect the operation of a prescribed contract in relation to an event that occurred before the transition time for the prescribed contract.
"transition time" , for a prescribed contract, means the time when regulations
made for the purposes of paragraph (1)(a), declaring a class of
contracts of insurance including the contract to be a class of contracts in
relation to which this Division applies, commence.