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New South Wales regulation
This regulation repeals the Insurance Regulation 2019, takes effect on publication, and preserves any legal effects that existed under the 2019 regulation. It restates which contracts are exempt from parts of the Insurance Act 1902.
Specifically, marine and life insurance, contracts covered by the Commonwealth Insurance Contracts Act 1984, and reinsurance are carved out from specified state-law duties. That changes which state statutory obligations apply to certain insurers and policyholders and therefore alters compliance responsibilities.
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Direct links to the current provisions in Insurance Regulation 2024.
2 Commencement
This regulation commences on the day on which it is published on the NSW legislation website.
Note—
This regulation repeals and replaces the Insurance Regulation 2019, which would otherwise be repealed on 1 September 2024 by the Subordinate Legislation Act 1989, section 10(2).
3 Definition
In this regulation—
the Act means the Insurance Act 1902.
Note—
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this regulation.
4 Exemption of certain contracts of insurance—the Act, s 21
For the Act, section 21(1)(b)—
(a) contracts of marine insurance and contracts of life insurance are exempt from the operation of the Act, sections 18, 19 and 20, and
(b) contracts of insurance subject to the Insurance Contracts Act 1984 of the Commonwealth are exempt from the operation of the Act, sections 18, 18A, 18B and 19, and
(c) contracts of reinsurance are exempt from the operation of the Act, sections 18, 18A, 18B and 19.
Note—
See the Act, section 21(2) for other exemptions.
5 Repeal and savings
(1) The Insurance Regulation 2019 is repealed.
(2) An act, matter or thing that, immediately before the repeal of the Insurance Regulation 2019, had effect under that regulation continues to have effect under this regulation.
Sourced from legislation.nsw.gov.au, CC BY 4.0.
1 Name of regulation
This regulation is the Insurance Regulation 2024.
2 Commencement
This regulation commences on the day on which it is published on the NSW legislation website.
Note—
This regulation repeals and replaces the Insurance Regulation 2019, which would otherwise be repealed on 1 September 2024 by the Subordinate Legislation Act 1989, section 10(2).
3 Definition
In this regulation—
the Act means the Insurance Act 1902.
Note—
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this regulation.
4 Exemption of certain contracts of insurance—the Act, s 21
For the Act, section 21(1)(b)—
(a) contracts of marine insurance and contracts of life insurance are exempt from the operation of the Act, sections 18, 19 and 20, and
(b) contracts of insurance subject to the Insurance Contracts Act 1984 of the Commonwealth are exempt from the operation of the Act, sections 18, 18A, 18B and 19, and
(c) contracts of reinsurance are exempt from the operation of the Act, sections 18, 18A, 18B and 19.
Note—
See the Act, section 21(2) for other exemptions.
5 Repeal and savings
(1) The Insurance Regulation 2019 is repealed.
(2) An act, matter or thing that, immediately before the repeal of the Insurance Regulation 2019, had effect under that regulation continues to have effect under this regulation.