On 14 November 2011, the Assistant Treasurer announced that the Government will implement requirements for insurers to provide customers with a Key Facts Sheet for all home building and home contents insurance policies. The announcement was part of the Government’s response to the recommendations in the Natural Disaster Insurance Review report.
The Key Facts Sheet will set out, on a single page, all key information about the features of the policy. The Key Facts Sheet will be required in addition to existing disclosure documents, such as Product Disclosure Statements.
Further consultation on the format and content of the Key Facts Sheet will take place in early 2012. Prototypes of the Key Facts Sheet will also be subject to consumer testing prior to being finalised.
A Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.
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