Proposed changes to insurer remedies on non-disclosure

This is a very basic summary of provisions relating to non-disclosure and insurer remedies as I interpret the Bill - I suspect others may come to different conclusions.  The provisions are numerous and there is a lot of detail that can’t be covered in 800 words.  As usual my comments are limited to life and health insurance.

Non-disclosure

Policyholder disclosure obligations have changed and differ depending on the type of policy: consumer insurance contract or non-consumer contract.  A consumer insurance contract is a policy primarily issued for ‘personal, domestic, or household purposes.’  To my mind this includes life policies and health policies issued to protect individuals for family protection, but probably not life policies issued to businesses or individuals for business protection.

If my interpretation on this is correct, then the disclosure duties specified may differ, even for the same client of an adviser, depending on the risk/need and the type of policy issued.