ASIC
The Full Federal Court has dismissed ASIC's appeal against a previous finding of the Federal Court that a 'pre-existing condition' term used in a range of products issued by HCF Life was not an unfair contract term. The earlier finding that the term was liable to mislead the public is not disturbed by the Full Federal Court's decision (24-237MR).
ASIC brought the appeal to seek to clarify how the unfair contract terms regime applies to contract terms in insurance contracts that may be affected by other statutory protections.
ASIC was also concerned that the same term that was found to be liable to mislead the public was also found not to be unfair.
ASIC is considering this decision.
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