This Act is the Contracts of Insurance (Repeals and Amendments) Act 2024.

This Act comes into force on a date or dates set by Order in Council.

However, section 12(1) comes into force on 16 November 2027.

Any part of the Act that has not come into force by 15 November 2027 comes into force then.

An Order in Council made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

The following legislation is repealed:

Sections 5 to 7 amend the Marine Insurance Act 1908.

Replace the cross-heading above section 18 with:

Repeal sections 18 to 20, 34 to 39, and 42.

After section 40(5), insert:

Sections 9 to 12 amend the Fair Trading Act 1986.

Replace section 26D(4)(d)(i) with:

After section 46K, insert:

Repeal section 46L(4) and (5).

In Schedule 1AA, clause 1(3), definition of specified date, replace paragraph (a) with:

In Schedule 1AA,—

Sections 14 to 26 amend the Financial Markets Conduct Act 2013.

In section 6(1), replace the definition of contract of insurance with:

In section 6(1), insert in their appropriate alphabetical order:

In section 6(1), definition of market services licensee obligation, after paragraph (d), insert:

Before section 386(1)(g), insert:

Replace section 431Z(2)(d) with:

In section 446P(1), repeal the definitions of contract of insurance, health insurance, and life insurance.

In section 446P(1), definition of consumer insurance contract, replace paragraph (a) with:

In section 446P(2)(c), replace “have the benefit” with “would ordinarily have the benefit”.

After section 446P(2) (after the example), insert:

Repeal section 446S.

In section 446T(1), replace “An insurance contract” with “A contract of insurance”.

In section 446T(5)(a), replace “insurance contract” with “contract of insurance”.

After section 446W, insert:

Replace section 447 with:

After section 449(4)(k), insert:

After section 449(4)(m), insert:

In section 462(1)(h), replace “or 431X” with “, 431X, 447A, 447B, or 447C”.

After section 462(1)(h), insert:

After section 463(d), insert:

After section 546(1)(og), insert:

In Schedule 4, clause 1(1), insert as the last paragraph:

In Schedule 4, clause 1(1), in the last paragraph (as inserted by subsection (1)), make any necessary consequential amendment.

In Schedule 4,—

Sections 28 and 29 amend the Personal Property Securities Act 1999.

In section 16(1), insert in its appropriate alphabetical order:

In section 23(e)(vi), replace “policy of insurance” with “non-life contract of insurance”.

Amend the Acts specified in Part 1 of Schedule 3 as set out in that schedule.

Amend the secondary legislation specified in Part 2 of Schedule 3 as set out in that schedule.