ArticlesA case of déjà vu? Unfair Contract Terms changes are coming to insurance contracts…again
0.25 CIP Points
A case of déjà vu? Unfair Contract Terms changes are coming to insurance contracts…again
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, the legislation has been revamped, and...
11 May 2026
3 mins read
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, the legislation has been revamped, and has been live since 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be caught by the regime.
The latest UCT provisions of the Treasury Laws Amendment (More Competition, Better Prices) Act 2022, update the Australian Securities and Investments Commission (ASIC) Act 2001 to expand the operation of the UCT regime.
Similar changes have been made to the Australian Consumer Law (ACL), which also came into effect on 9 November 2023. This article considers the changes to insurance contracts required under the ASIC Act.
The threshold tests and maximum penalties are different between the ACL and the ASIC Act.
Changes to consider
The main changes affecting insurance contracts are:
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