Insurance Law Tomorrow | Insurance Law

Cases

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

By Ray Giblett on 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 ... Continue reading

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?

Industry news

Financial services monthly wrap-up December 2020 to January 2021

By Jon Ireland on February 15, 2021

The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. ... Continue reading

Webinar: Current issues for CPS 234 – Information Security

New Australian laws target illegal phoenix activity

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

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

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

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

Webinar: Current issues for CPS 234 – Information Security

By Ray Giblett on 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 ... Continue reading

Parliament rolls out red carpet for Royal Commission reforms

Beyond the void – new penalties proposed for unfair contract terms

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

Regulation

Royal Commission insurance reforms get the green light

By Ray Giblett on 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 ... Continue reading

Webinar: Current issues for CPS 234 – Information Security

New Australian laws target illegal phoenix activity

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