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
Continue Reading Webinar: Current issues for CPS 234 – Information Security
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
Continue Reading Parliament rolls out red carpet for Royal Commission reforms
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
Continue Reading Beyond the void – new penalties proposed for unfair contract terms
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
Continue Reading New Australian laws target illegal phoenix activity
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
Continue Reading Is it time for InsurTech startups to get creative with their compliance obligations?
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
Continue Reading Would you like insurance with that…in three days? ASIC dines out on caryard insurance & warranty sales
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
Continue Reading Time to play? What the enhanced regulatory sandbox means for InsurTechs?
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
Continue Reading Not long until unfair contract terms laws apply to insurance…are you prepared?
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
Continue Reading Insurer ‘waives’ goodbye to its rights – Cyclone lifts roof on non-disclosure issues
While the clock is still ticking for insurers to implement reforms recommended by Commissioner Hayne, it is now ticking more slowly. The Australian Government has announced that implementation of the reforms recommended by the Financial Services Royal Commission will be
Continue Reading Delaying the inevitable – More time for insurers to prepare for Royal Commission reforms
