Australian Securities and Investments Commission Act 2001
12BLBRenewed life insurance contracts to which this Subdivision does not apply
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12BLB Renewed life insurance contracts to which this Subdivision does not apply
(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 (c) either: (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.