Commonwealth Consolidated Acts

INSURANCE CONTRACTS ACT 1984 - SECT 55A

             (1)  If:

                     (a)  an insured has entered into a contract of insurance with an insurer; and

                     (b)  ASIC is satisfied that the insured has suffered damage, or is likely to suffer damage, because the terms of the contract, or the conduct of the insurer, breaches the requirements of this Act;

ASIC may, by application, if ASIC is of the opinion that it is in the public interest to do so:

                     (c)  bring an action against the insurer on behalf of the insured under or in respect of that contract; or

                     (d)  take over and continue, on behalf of the insured, an action brought against the insurer by the insured under or in respect of that contract.

             (2)  If:

                     (a)  a number of insureds have entered into contracts of insurance with an insurer; and

                     (b)  ASIC is satisfied that those insureds have suffered damage, or are likely to suffer damage, because the terms of the contracts, or the conduct of the insurer, breaches the requirements of this Act;

ASIC may, by application, if ASIC is of the opinion that it is in the public interest to do so, bring a single action against the insurer on behalf of all of those insureds under or in respect of the contracts so entered into.

             (3)  ASIC may only bring or take over an action under subsection (1), or bring an action under subsection (2), if ASIC has obtained the written consent of the insured or of each of the insureds on whose behalf the action is being brought or is being continued.