As part of the Government’s commitment to continuous improvement of Australia’s consumer protection regime, Consumer Affairs Australia and New Zealand (CAANZ) was asked to conduct a broad review of and report on the effectiveness of the ACL.
After issue of an Interim Report and subsequent public consultation, it has now released its Australian Consumer Law Review Final Report (the Report) which contains a number of legislative proposals and recommendations.
Of significance to the insurance industry, is the fact that it is proposed to extend the regime to insurance contracts the subject of the section 15 carve out under Insurance contracts Act.
A decision on the proposals will be made by the end of 2017 with changes likely to be implemented in 2018.
For a full summary of the issues relevant to insurance email us a request at [email protected]
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