Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

The government does not support this amendment. As drafted, the national unfair contract term law does not apply to the insurance contracts. This is because section 15 of the Insurance Contracts Act 1984 provides that contracts for insurance cannot be made the subject of relief under any other Commonwealth, state or territory legislation. It is my understanding that Minister Bowen, the Minister for Financial Services, Superannuation and Corporate Law, will be issuing an options paper on the application of unfair contract terms shortly as related to insurance contracts.