The Insurance Contracts Act of 1984 is an important piece of legislation that governs the way insurance contracts are created and executed in Australia. The act outlines the rights and obligations of both policyholders and insurers, and provides a framework for resolving disputes that may arise during the life of the contract.

One of the key features of the Insurance Contracts Act is that it sets out the types of contracts that are covered by the legislation. These contracts are generally known as ”regulated contracts” and include a wide range of insurance policies offered by Australian insurers.

So, what types of contracts are covered by the Insurance Contracts Act?

Firstly, all types of general insurance policies are regulated by the act. This includes policies for home and contents insurance, car insurance, travel insurance, and public liability insurance, among others.

Another type of contract that is covered by the act is life insurance policies. This includes policies that provide cover for death, disability, or critical illness. The act also covers contracts for annuities and superannuation products, which are designed to provide income in retirement.

In addition to these types of policies, the act also covers contracts for marine insurance, aviation insurance, and professional indemnity insurance. These policies are often specialised and require unique considerations, which the act provides.

It`s important to note that not all contracts entered into by insurers are regulated by the act. For example, reinsurance contracts, which are contracts between insurers themselves, are not covered by the legislation. Similarly, contracts that are not considered to be insurance contracts, such as warranties and guarantees, are not regulated by the act.

In conclusion, the Insurance Contracts Act of 1984 covers a wide range of insurance policies offered by Australian insurers. Regulated contracts include general insurance policies, life insurance policies, annuities and superannuation products, and specialised policies such as marine, aviation, and professional indemnity insurance. If you`re unsure whether your insurance policy is covered by the act, it`s always best to seek advice from a qualified professional.