41Amendments made by Insurance Contracts Amendment Regulation 2012 (No. 1)

#### 41 Amendments made by Insurance Contracts Amendment Regulation 2012 (No. 1) (1) The amendments of these Regulations made by Schedule 1 to the Insurance Contracts Amendment Regulation 2012 (No. 1) do not apply for the period of 2 years commencing when this regulation commences. > Note: Schedule 1 to the Insurance Contracts Amendment Regulation 2012 (No. 1) inserted Division 8 of Part 5, which, among other things: (a) identifies certain contracts that provide insurance cover in respect of loss caused to a business; and (b) deals with the use of the word ‘flood’ in those contracts; and (c) explains whether a business is a small business. (2) However, if, during that period, an insurer decides to rely on these Regulations, as amended by Schedule 1 to the Insurance Contracts Amendment Regulation 2012 (No. 1), in relation to a contract that provides insurance cover, these Regulations, as amended by that Schedule, apply in relation to: (a) the insurer; and (b) the contract.