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Insurance law tomorrow

Financial services monthly wrap up: December 2019 to January 2020

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU), Stephen Putnins & Anjelica Balis

February 11, 2020

The months of December 2019 and January 2020 have proven to be a busy time for our Government and regulators, with significant changes and proposals for the funds and financial services sector. In particular, Treasury have released 17 bills in response to 22 recommendations made by Commissioner Hayne in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission), as well as ASIC releasing draft guidance for industry consultation on…

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Insurance claims handling soon to be a financial service

By Ray Giblett (AU), Matthew Ellis & Timothy Chan

December 5, 2019

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities are provided in an efficient, honest and fair manner. The reforms are aimed at improving consumer outcomes in the claims…

Insurance law tomorrow

Paying a Cyber Ransom – should you do it?

By Jacques Jacobs & Chris Chivers

September 4, 2019

Ransomware incidents continue to be the most common cyber-related attacks against businesses. Ransomware is a type of malware that blocks access to a computer system (or threatens to release data) until or unless a sum of money is paid (often in Bitcoin). When a ransomware attack strikes, it can have an immediate and debilitating effect on a business’s ability to operate. Without the decryption key, it can sometimes take many days or weeks to try…

Insurance law tomorrow

OAIC releases quarterly statistics report – health and finance sectors continue to experience the most data breaches

By Jacques Jacobs & Ronny Raychaudhuri

August 30, 2019

This week the Office of the Australian Information Commissioner (OAIC) released its quarterly statistics report of Notifiable Data Breach (NDB) Scheme (Report). The Report shows trends and developments about notifications made under the NDB scheme in the period 1 April to 30 June 2019. Data breaches across sectors – Health still highest but finance catching up There were 245 disclosed breaches in the quarter – the second highest number of breaches in a quarter over…

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The ‘fairness revolution’ continues: Government releases draft legislation extending unfair contract terms regime to insurance

By Ray Giblett (AU), Matthew Ellis & Timothy Chan

August 1, 2019

Following a consultation period last year, the Treasury has released draft legislation to extend the unfair contract terms regime to insurance contracts. In releasing the draft legislation, the government has reaffirmed its commitment to implementing all 76 recommendations from Commissioner Hayne’s Royal Commission Final Report. Consultation is now open until 28 August 2019 following which the draft legislation will be considered by Parliament. The draft legislation comes during a time of significant regulatory change in…

Insurance law tomorrow

ASIC proposes a freeze on cold calling practices

By Ray Giblett (AU), Matthew Ellis & Timothy Chan

August 1, 2019

Following the release of Report 622 earlier this month, which was highly critical of sales of consumer credit insurance, the Australian Securities and Investments Commission (ASIC) has released Consultation Paper 317 (CP 317). Under CP 317, ASIC proposes to prohibit unsolicited telephone sales of two types of insurance – direct life insurance and consumer credit insurance (also known as CCI insurance). Although Commissioner Hayne recommended a ban on unsolicited phone calls for all insurance products,…

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Are we exclusive yet? The High Court decides on the exclusivity principle for aviation claims in Parkes Shire Council v South West Helicopters Pty Limited [2019] HCA 14 (‘South West Judgment’)

By Jessica Luppino

July 8, 2019

Yes we are, according to the High Court of Australia. On an issue that was previously up in the air, the High Court has provided some long awaited clarity on the scope of claims that can be made against a domestic carrier in the event of death or injury to a passenger. Claims brought by passengers against a carrier for domestic flights are subject ‘exclusively’ to the strict liabilities and caps under the Civil Aviation…

Insurance law tomorrow

Section 54 cannot cure what you didn’t know or didn’t exist

By Tricia Hobson, Ray Giblett (AU), Andrea Garratt & Melissa Tan

July 3, 2019

DIF III – Global Co-Investment Fund LP v Babcock & Brown International Pty Limited The recent NSW Supreme Court decision in DIF III – Global Co-Investment Fund LP v Babcock & Brown International Pty Limited ruled that section 54 the Insurance Contracts Act 1984 (Cth) (ICA) did not cure a lack of notification of circumstances if those circumstances were not known during the policy period. Here, this finding was based on the particular policy wording…

Insurance law tomorrow

It’s Now or Never: When Does a Cause of Action Arise Under an Insurance Policy?

By Ray Giblett (AU) & Alexander Field

May 23, 2019

I Can you breach an insurance policy before being aware of a claim? The short answer is yes. In a split decision, the New South Wales Court of Appeal recently found a cause of action for breach of an indemnity policy accrues at the time of an insurable event, in this case property damage. In Globe Church Incorporated v Allianz Australia Insurance Ltd [2019] NSWCA 27, Bathurst CJ, Beazley P, and Ward…

Insurance law tomorrow

ASIC consults on new IDR ideas

By Ray Giblett (AU), Matthew Ellis & Timothy Chan

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 December 2019 and…

Insurance law tomorrow

Australian perspectives on global insurance markets

Blog Authors

Financial services monthly wrap up: December 2019 to January 2020

Insurance claims handling soon to be a financial service

Paying a Cyber Ransom – should you do it?

OAIC releases quarterly statistics report – health and finance sectors continue to experience the most data breaches

The ‘fairness revolution’ continues: Government releases draft legislation extending unfair contract terms regime to insurance

ASIC proposes a freeze on cold calling practices

Are we exclusive yet? The High Court decides on the exclusivity principle for aviation claims in Parkes Shire Council v South West Helicopters Pty Limited [2019] HCA 14 (‘South West Judgment’)

Section 54 cannot cure what you didn’t know or didn’t exist

It’s Now or Never: When Does a Cause of Action Arise Under an Insurance Policy?

ASIC consults on new IDR ideas

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