ASIC
The Full Federal Court has dismissed ASIC's appeal against an earlier Federal Court ruling that a term in house and contents insurance policies issued by Auto & General Insurance Company Limited (Auto & General) was not unfair. The term required policy holders to notify Auto & General if 'anything' changed in their home and contents.
ASIC alleged in the proceeding that the term was unfair as ASIC considered it:
- imposes an unclear obligation on policyholders regarding what they need to disclose to Auto & General;
- suggests that Auto & General has a broader right to refuse claims or reduce the amount payable under claims if the policyholder does not meet the notification obligation than is available under the Insurance Contracts Act; and
- could mislead or confuse the policyholder as to their true obligations and rights under the contract.
ASIC is considering this decision.
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