are regulated by the Australian Prudential Regulation Authority (APRA), which has the power under the Insurance Act 1973 to investigate a general insurer, freeze its assets or direct it to take specific action (for example, stop writing new business).
The Australian Securities & Investments Commission (ASIC) is responsible for the general administration of the Insurance Contracts Act 1984.
[2] Matters relating to advice or disclosure of insurance products sold are regulated by ASIC.
The formation of an insurance contract is governed by ordinary contractual principles[3] however, as a commercial contract, a policy of insurance should be given a businesslike interpretation "having regard to the language used by the parties, the commercial circumstances the document addresses, and the objects which it is intended to secure.
[5] If a person doesn't agree with the outcome of the insurer's Internal Dispute Resolution (IDR) process, they can contact the Australian Financial Complaints Authority (AFCA) with a request that the Service resolve the dispute.