Why has the Duty of Disclosure changed to General Conditions?

Following the Financial Services Royal Commission and the resulting changes to financial services legislation, RACQ is required by law to use a more relevant and modern approach to disclosure – a duty to take reasonable care not to make a misrepresentation. A key aim of this new duty is to adequately protect consumers against having their claims denied where they may have inadvertently failed to disclose past circumstances or because an insurer failed to ask the right questions. This means that we have made changes to the questions we ask before you enter into an insurance policy with us. Your responsibility under this new duty will be limited to responding to specific questions that we ask you, including that you confirm or update your information at each renewal or policy variation.