ASIC v Auto & General Insurance Company Ltd

A contract term will be 'unfair' under s 12BG of the ASIC Act only if all three limbs are satisfied — significant imbalance, not reasonably necessary to protect legitimate interests, and detriment — so a term failing any one limb is not unfair; an insurer's notification clause requiring disclosure of changes was held not unfair because, though detrimental, it was reasonably necessary and caused no significant imbalance.