Does the Insurance Contracts Act apply to Qsupers Death and TPD insurance?
Qsuper advises that they provide self insurance but I was told by them that its neither trust or contract however at pg 14 http://archive.sclqld.org.au/qjudgment/2015/QSC15-245.pdf they argued trust in Edington. Edington lost on appeal as well and I am told the matter is currently up for review in the HC.
Please refer any answer to section 10 of the ICA (http://www.austlii.edu.au/au/legis/cth/consol_act/ica1984220/) and state any exclusions if applicable (sec 9). The act does not appear to be subject to licence although sec 9 provides some exclusions. I cannot see how QSUPER fits in any of these. If State insurance applies then how are they legally regulated by the CTH see Const 51(xiv)?
Hi there. The exact nature of your legal problem is not clear. For this reason, the information below is of a general nature only.
In Australia, the federal parliament can only make laws with respect to certain matters specified in the text of the Constitution. One of those matters (under section 51(xiv) of the Constitution) is insurance, other than ‘State insurance’ (i.e. insurance conducted by a state agency or body as insurer). For state insurance matters, the laws of the relevant state will apply.
An example of the federal parliament exercising this insurance power is the Insurance Contracts Act 1984 (Cth). This legislation regulates various matters relating to insurance contracts, such as responsibilities on the insured party and insurer, disclosures and misrepresentations, and the claims process. Section 10 of that Act specifies the types of insurance contracts covered by the legislation. Section 9 specifies the types of insurance contracts excluded from the legislation, including insurance contracts in the course of state insurance. This exclusion is consistent with section 51(xiv) of the Constitution (explained above), which allows state insurance matters to be regulated by the states.
QSuper is a special type of superannuation fund known as a public sector superannuation scheme. It is not subject to the same system of national regulation as private superannuation funds. Similarly, its insurance services (such as its death and TPD insurance) are state insurance matters and therefore not subject to the Insurance Contracts Act 1984 (Cth).
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