Thank you for the opportunity to make this submission on the exposure draft of the Insurance Contracts Regulations 2017. We appreciate the improvements to enhance the readability and clarity of the Exposure Draft.
We acknowledge that this Exposure Draft consultation process is not designed to respond to problems and proposals identified in recent years. However, we note that there are several Senate Economics References Committee recommendations relevant to the Insurance Contracts Regulations which we strongly support. As the Exposure Draft is largely a remake of the existing Regulations, there is significant room for improvement in the Exposure Draft.171106_ICRegsSub_final