Document ID: chunk:federal_register_of_legislation:C2022A00054:clause:2_56
Version: federal_register_of_legislation:C2022A00054
Segment Type: clause
Provision Reference: sch 2 cl 56
Character Range: 64521–65694

56  Subsection 12BI(1)
Repeal the subsection, substitute:
 (1) Section 12BF does not apply to a term of a contract to the extent, but only to the extent, that:
 (a) the term defines the main subject matter of the contract; or
 (b) the term sets the upfront price payable under the contract; or
 (c) the term is required, or expressly permitted, by a law of the Commonwealth or of a State or Territory; or
 (d) the term is included in the contract, or is taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract; or
 (e) inclusion of the term has either or both of the following results:
 (i) one or more other terms are included in the contract, or are taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract;
 (ii) such a law requires one or more other terms to be included in the contract; or
 (f) if the contract is an Insurance Contracts Act insurance contract—the term is a transparent term and:
 (i) is disclosed at or before the time when the contract is made; and
 (ii) sets an amount of excess or deductible under the contract.