Legislation update by Gadens

HCF Life’s ‘pre-existing condition’ clause in life insurance contracts declared misleading but not an ‘unfair contract term’ by Federal Court

Following proceedings commenced by ASIC, the Federal Court declared that a term used by HCF Life Insurance Company Pty Ltd in consumer contracts was misleading, but not an unfair contract term. This case adds to a growing body of jurisprudence on when contract terms in a consumer or small business contract may be unfair and unlawful, and is a timely reminder for businesses to complete contract reviews to ensure their documentation continues to be compliant.
 
Click here to read the full article by Gadens.