Insurance Law Tomorrow | Insurance Law

Cases

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 on 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 ... Continue reading

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?

Informal indoor cricket game – non-participant and casual onlooker struck in eye with ball resulting in injury. Materialisation of inherent risk and obvious risk defence.

Industry news

Insurance claims handling soon to be a financial service

By Ray Giblett on 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 ... Continue reading

Paying a Cyber Ransom – should you do it?

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

OAIC releases 12-month data breach scheme report – encourages entities to move beyond compliance

Products

Warranty and indemnity Insurance – what is it and why you need it

By Ray Giblett on October 7, 2016

Warranty and indemnity insurance has emerged as a common instrument to address deal risk in M&A transactions globally. What is warranty and indemnity Insurance? Warranty and indemnity Insurance covers losses arising from breach of a warranty (or in certain cases under an indemnity) given in connection with an M&A transaction thus facilitating ... Continue reading

Claims

Insurance claims handling soon to be a financial service

By Ray Giblett on December 5, 2019

Fast track to hearing: tips for your next expedition application

Director’s trust misplaced when it comes to PI coverage

Reserving rights: how to effectively inform insureds of potential conflict

Legislation

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

By Ray Giblett 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 ... Continue reading

A Trend Has Emerged – Third Quarter Report on Data Breaches by the OAIC

10 Things to Know about the NSW Modern Slavery Act

Modern Slavery Reporting for Australian Businesses

Regulation

Financial services monthly wrap up: December 2019 to January 2020

By Jon Ireland on 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 ... Continue reading

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

ASIC proposes a freeze on cold calling practices

ASIC consults on new IDR ideas