Document ID: chunk:federal_register_of_legislation:C2022A00054:clause:2_12blb
Version: federal_register_of_legislation:C2022A00054
Segment Type: clause
Provision Reference: sch 2 cl 12BLB
Character Range: 68771–69665

12BLB  Renewed life insurance contracts to which this Subdivision does not apply
 (1) If a contract covered by subsection (2) or (3) is renewed, or was renewed on or after 5 April 2021, this Subdivision does not apply, and is taken never to have applied, to the contract as renewed.
Note: 5 April 2021 is the day on which Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Act 2020 commenced.
 (2) This subsection covers a contract that:
 (a) constitutes a life policy within the meaning of the Life Insurance Act 1995; and
 (b) was made before 5 April 2021; and
 (c) either:
 (i) is guaranteed renewable; or
 (ii) the insurer guarantees not to cancel in response to a change in the risk.
 (3) This subsection covers a contract to which this Subdivision does not apply because of one or more previous applications of this section.