The Insurance Contracts Amendment Regulation 2012 (No. 1) was registered on 18 June 2012.
This regulation amends the Insurance Contracts Regulations 1985 to introduce a standard definition of “flood” for home building and home contents, small business and strata title insurance contracts.
In these insurance contracts “flood” means the covering of normally dry land by water that has escaped or been released from the normal confines of:
•any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or
•any reservoir, canal, or dam.
The regulations provide for a two year transitional period.
