Document ID: chunk:federal_register_of_legislation:C2015A00126:clause:1_370
Version: federal_register_of_legislation:C2015A00126
Segment Type: clause
Provision Reference: sch 1 cl 370
Character Range: 85119–86278

370  Subsections 34F(2) to (4)
Repeal the subsections, substitute:

Threshold specified in regulations only applies to contracts entered into after the regulations commence
 (2) A regulation specifying an amount as the threshold (or changing the amount previously so specified) only applies in relation to contracts of insurance entered into after the regulation commences.

When regulations reducing the threshold commence
 (3) A regulation reducing the threshold (which could be the threshold originally applicable under subsection (1), or that threshold as already changed by regulations) commences on the date specified in the regulations, which must be the date on which the regulations are entered on the Federal Register of Legislation or a later day.

When regulations increasing the threshold commence
 (4) A regulation increasing the threshold (which could be the threshold originally applicable under subsection (1), or that threshold as already changed by regulations), commences on the date specified in the regulations, which must be at least 3 months after the date on which the regulations are entered on the Federal Register of Legislation.