Insurance law tomorrow

Australian perspectives on global insurance markets

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Insurance law tomorrow

Royal Commission insurance reforms get the green light

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

December 11, 2020

Following a year of consultation and development, Parliament passed the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 on 10 December 2020. The Act is now awaiting the Royal Assent. While some changes were made to the bill before it was passed, these related to APRA and ASIC’s role in superannuation and do not affect the insurance regulatory changes. The Act introduces the following regulatory reforms directly affecting the insurance industry: Enforceable code provisions;…

Insurance law tomorrow

Webinar: Current issues for CPS 234 – Information Security

By Ray Giblett (AU) & Timothy Chan

November 20, 2020

Just over a year after APRA introduced CPS 234, how are insurers and other financial institutions faring? In a COVID-19 world, information security has never been more important and critical to the stability of the financial services sector. In this webinar in conjunction with Intralinks, hear our panel discuss hot topics relating to CPS 234 including: CPS 234 issues in contract negotiations; the challenges and tips for success to ensure compliance with CPS 234;…

Insurance law tomorrow

Parliament rolls out red carpet for Royal Commission reforms

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

November 17, 2020

After months of delays due to COVID-19, the shake-up of insurance laws recommended by the Financial Services Royal Commission is set to occur next year. The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 (Bill) was introduced into Parliament on 12 November 2020. Parliament is looking at introducing all the measures together in one bill. The bill introduces 12 new measures, of which seven are targeted at the insurance industry. What’s in store for…

Insurance law tomorrow

Beyond the void – new penalties proposed for unfair contract terms

By Timothy Chan & Ray Giblett (AU)

November 12, 2020

Commonwealth, state and territory ministers responsible for fair trading and consumer protection have agreed to implement enhancements to unfair contract term protections. The government has been working on the unfair contract term enhancement package for some time but the agreed proposals are only now being revealed for the first time. The announcement comes during a time where the insurance industry is preparing for the extension of unfair contract terms provisions to insurance contracts. On 5…

Insurance law tomorrow

New Australian laws target illegal phoenix activity

By Jacques Jacobs & Lachlan Crosbie

October 30, 2020

Illegal phoenix activity has long been on the radar of regulators in Australia. The impact of this activity has been particularly severe on owners of negligently built properties and, in particular, apartment developments. In response, the government has now moved to tighten up the rules around illegal phoenix activity. In particular, the new rules will extend to not only the directors themselves, but also those professionals advising them. Definition and impact Illegal phoenix activity is…

Insurance law tomorrow

Is it time for InsurTech startups to get creative with their compliance obligations?

By Ray Giblett (AU) & Timothy Chan

October 27, 2020

InsurTech startups offering new products to consumers often face an interesting conundrum. After months of research, capital raisings, tech development and pitches, the startup finally reaches the pre-launch phase. At this point, the startup’s capacity partner (ie. insurer) suddenly decides to works with the InsurTech on its ‘compliance framework’. More often than not, months of work including the vision of the customer journey is put aside while the insurer and startup rush to make the…

Insurance law tomorrow

Would you like insurance with that…in three days? ASIC dines out on caryard insurance & warranty sales

By Ray Giblett (AU) & Timothy Chan

August 14, 2020

The Australian Securities and Investments Commission (ASIC) is seeking feedback on a draft product intervention order in relation to add-on motor vehicle financial risk products. The release of the revised draft intervention order follows ASIC’s public consultation process in October 2019. The objective of the intervention order is to reduce the mis-selling of insurance products during the car purchase or hire process and to improve consumer outcomes. ASIC has undertaken a number of investigations into…

Insurance law tomorrow

Time to play? What the enhanced regulatory sandbox means for InsurTechs?

By Timothy Chan & Ray Giblett (AU)

June 12, 2020

The Australian Government has revamped its FinTech regulatory sandbox providing a broader exemption to the requirement to hold an Australian Financial Services Licence (AFSL) under the Corporations Act 2001 (Cth). Under the new regulations, which will take effect on 1 September 2020,[1] companies can test new financial services relating to certain financial products for up to 24 months without holding an AFSL. This will provide companies with the ability to test their concept in…

Insurance law tomorrow

Not long until unfair contract terms laws apply to insurance…are you prepared?

By Ray Giblett (AU) & Timothy Chan

June 3, 2020

We last wrote about the upcoming unfair contract terms reforms in our article ‘The ‘fairness revolution’ continues: Government releases draft legislation extending unfair contract terms regime to insurance’. With only 10 months to go until the unfair contract terms laws apply to insurance contracts, insurers and coverholders should prepare for implementation by undertaking a legal review of affected policies. While implementation of a number of reforms has been delayed by six months,…

Insurance law tomorrow

Insurer ‘waives’ goodbye to its rights – Cyclone lifts roof on non-disclosure issues

By Ray Giblett (AU) & Timothy Chan

May 29, 2020

The recent Federal Court of Australia decision in Delor Vue Apartments CTS 39788 v Allianz Australia Insurance Ltd (No 2) [2020] FCA 588 found an insurer can be estopped from changing its mind on a claim. The case provides guidance for underwriters and brokers on the need to make appropriate inquiries during the underwriting process and for claims officers to be diligent when granting indemnity. It may not be possible, nor in line with community…

Insurance law tomorrow

Australian perspectives on global insurance markets

Blog Authors

Royal Commission insurance reforms get the green light

Webinar: Current issues for CPS 234 – Information Security

Parliament rolls out red carpet for Royal Commission reforms

Beyond the void – new penalties proposed for unfair contract terms

New Australian laws target illegal phoenix activity

Is it time for InsurTech startups to get creative with their compliance obligations?

Would you like insurance with that…in three days? ASIC dines out on caryard insurance & warranty sales

Time to play? What the enhanced regulatory sandbox means for InsurTechs?

Not long until unfair contract terms laws apply to insurance…are you prepared?

Insurer ‘waives’ goodbye to its rights – Cyclone lifts roof on non-disclosure issues

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