83Application of amendments to existing insurance policies

83 Application of amendments to existing insurance policies

83 Application of amendments to existing insurance policies

(1) Section 103BA (Limitations on policy coverage—claims made and notified policy) extends to—

(a) a contract of insurance entered into before the commencement of that section (despite any provision of the contract), and

(b) a claim under any such contract of insurance, and

(c) proceedings on such a claim (including proceedings commenced but not finally determined before the commencement of that section).

(2) Despite subclause (1), section 103BA does not extend to or otherwise affect—

(a) a claim that was paid in full before the commencement of that section, or

(b) any agreement made before the commencement of that section to settle a claim, or

(c) a decision of an insurer made before the commencement of that section that cannot be the subject of appeal because of clause 65 of the Home Building Regulation 2004, or

(d) the amount that a person is entitled to recover under a contract of insurance where that amount was paid before the commencement of that section under the indemnity provided by Division 2 (Insurance claims indemnified by State) of Part 6A of this Act, or

(e) any final determination of legal proceedings made by a court or tribunal before the commencement of that section.

(3) This clause applies only to contracts of insurance entered into on or after 1 May 1997.