Timothy Chan

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow, Insurance law tomorrow

Latest Articles

ASIC consults on new IDR ideas

By Ray Giblett, Matthew Ellis & Timothy Chan on May 16, 2019

The Australian Securities and Investments Commission (ASIC) has released Consultation Paper 311 seeking input from interested parties on 15 proposals that will change the way Australian Financial Services Licence (AFSL) holders conduct and report on internal dispute resolution (IDR) processes. Submissions close on 9 August 2019, with the final revisions to Regulatory Guide 165: Internal Dispute Resolution to be published in December 2019. The measures are proposed to be progressively implemented between March 2020 and…

Insurance law tomorrow

Back to the drawing board as design and distribution laws pass Parliament

By Ray Giblett, Matthew Ellis & Timothy Chan on April 12, 2019

The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 passed Parliament last week and received royal assent shortly after. It introduces design and distribution obligations into the Corporations Act 2001 (Cth), requiring financial services entities to consider the design of their retail financial products and the way they are distributed. The amendments to the Corporations Act 2001 (Cth) also give the Australian Securities and Investments Commission (ASIC) power to intervene…

Insurance law tomorrow

A look into the future of insurance…technology partnerships and AI

By Ray Giblett & Timothy Chan on March 12, 2019

How will customers interact with insurers in the future? Is insurtech hype? What technology is already being used? What are the legal implications of these new technologies? These questions were considered by the industry at the 2019 ANZIIF Insurtech Conference held last week in Sydney. Held in conjunction with Insurtech Australia and Insurtech New Zealand, it was a great opportunity for people in different parts of the value chain to meet and collaborate, with delegates…

Insurance law tomorrow

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

By Ray Giblett, Matthew Ellis & Timothy Chan on March 12, 2019

Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on claims handling, industry codes and cooperation with the Australian Financial Complaints Authority (AFCA), which replaced the Financial Ombudsman Service on…

Insurance law tomorrow

Insurance After Hayne Part 4 – Spotlight on culture, governance and pay

By Matthew Ellis, Ray Giblett & Timothy Chan on March 1, 2019

Welcome to Part 4 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on governance, culture and remuneration, and particular his focus on the people in control: “There can be no doubt that the…

Insurance law tomorrow

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

By Ray Giblett, Matthew Ellis & Timothy Chan on February 8, 2019

Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. To make sure you receive the latest updates in our series, subscribe to our blog on the right hand side.…

Insurance law tomorrow

Less is more? Do insurance customers know what they’ve been given?

By Ray Giblett & Timothy Chan on February 4, 2019

Ahead of the release of the Financial Services Royal Commission’s final report, the Treasury has released a discussion paper seeking input in relation to disclosure in general insurance. The focus of the paper is to explore ways to improve current disclosure requirements to ensure positive consumer outcomes. The consultation process is open until 28 February 2019, and is in response to the recommendations made in the Senate Committee’s inquiry into the general insurance industry in…

Insurance law tomorrow

New Prudential Standard for the Information Age – CPS 234

By Ray Giblett & Timothy Chan on November 13, 2018

The Australian Prudential Regulation Authority (APRA) has finalised a new Information Security Prudential Standard (CPS 234) coming into effect on 1 July 2019. CPS 234 will apply to all APRA regulated entities, including insurers. The purpose of CPS 234 is to ensure that an APRA regulated entity has measures in place to be resilient against information security incidents, including cyber-attacks. Why introduce a new prudential standard? The release of CPS 234 follows a…

Insurance law tomorrow

New super ombudsman AFCA commences operation today

By Ray Giblett & Timothy Chan on November 1, 2018

Starting 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaces the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal. The AFCA is now the ASIC approved External Dispute Resolution (EDR) scheme for consumer and small business complaints for Australian financial and credit industries. All financial firms should now be members of the AFCA, as the deadline to register was 21 September 2018. For insurance industry participants, this includes…

Insurance law tomorrow

APRA releases new prudential standards to boost fitness of private health insurers

By Ray Giblett & Timothy Chan on October 5, 2018

APRA has recently released the final versions of three Prudential Standards which will apply to private health insurers (PHIs) from 1 July 2019. New versions of the following prudential standards have been released: Prudential Standard CPS 510 – Governance; Prudential Standard CPS 520 – Fit and Proper; and Prudential Standard HPS 310 – Audit and Related Matters. APRA has also released two Prudential Practice Guides, CPG 510 and CPG 520, to help private health insurers…

Timothy Chan

ASIC consults on new IDR ideas

Back to the drawing board as design and distribution laws pass Parliament

A look into the future of insurance…technology partnerships and AI

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

Insurance After Hayne Part 4 – Spotlight on culture, governance and pay

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

Less is more? Do insurance customers know what they’ve been given?

New Prudential Standard for the Information Age – CPS 234

New super ombudsman AFCA commences operation today

APRA releases new prudential standards to boost fitness of private health insurers

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