Ray Giblett

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Insurance After Hayne Part 6 – The BEAR necessities

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Alex MadryBy Ray Giblett, Matthew Ellis and Alex Madry on Posted in Industry news, Regulation
Welcome to the 6th and final instalment of our weekly updates following the Hayne Royal Commission into the financial services industry. This week we focus on Recommendation 4.12, in which Hayne recommends that the Banking Executive Accountability Regime (BEAR) be extended to other financial service providers, including insurers. Now that the full contents of the … Continue reading

A look into the future of insurance…technology partnerships and AI

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Industry news, Topics
How will customers interact with insurers in the future? Is insurtech hype? What technology is already being used? What are the legal implications of these new technologies? These questions were considered by the industry at the 2019 ANZIIF Insurtech Conference held last week in Sydney. Held in conjunction with Insurtech Australia and Insurtech New Zealand, … Continue reading

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Industry news
Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

Insurance After Hayne Part 4 – Spotlight on culture, governance and pay

Photo of Matthew EllisPhoto of Ray GiblettPhoto of Timothy ChanBy Matthew Ellis, Ray Giblett and Timothy Chan on Posted in Industry news
Welcome to Part 4 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

What the updated ASX Corporate Governance Principles and Recommendations mean for insurers

Photo of Tricia HobsonPhoto of Ray GiblettPhoto of Alex MadryBy Tricia Hobson, Ray Giblett and Alex Madry on Posted in Industry news, Regulation
As the shadow of the Hayne Royal commission continues to loom over the financial services industry, insurers should be preparing for another change in the governance and compliance landscape which promises to further heighten the demands being made of Australia’s leading financial institutions. The ASX released its updated Corporate Governance Principles & Recommendations this week, … Continue reading

Insurance After Hayne Part 3 – The duty of disclosure: 5 lessons for insurers

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Alex MadryBy Ray Giblett, Matthew Ellis and Alex Madry on Posted in Industry news
Welcome to Part 3 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This week, we shift our focus to one of the … Continue reading

Insurance After Hayne Part 2 – How the Royal Commission will change how insurance is sold

Photo of Ray GiblettPhoto of Matthew EllisPhoto of James KimBy Ray Giblett, Matthew Ellis and James Kim on Posted in Industry news
Welcome to Part 2 of Insurance After Hayne, a series focusing on the implications for general and life insurers of the Royal Commission’s final report.  In last week’s article, we provided an overview of the recommendations applicable to the insurance industry. This week, we look more closely at the recommendations regarding sales practices and policy … Continue reading

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Industry news
Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. … Continue reading

Less is more? Do insurance customers know what they’ve been given?

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Regulation
Ahead of the release of the Financial Services Royal Commission’s final report, the Treasury has released a discussion paper seeking input in relation to disclosure in general insurance. The focus of the paper is to explore ways to improve current disclosure requirements to ensure positive consumer outcomes. The consultation process is open until 28 February … Continue reading

New Prudential Standard for the Information Age – CPS 234

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Regulation
The Australian Prudential Regulation Authority (APRA) has finalised a new Information Security Prudential Standard (CPS 234) coming into effect on 1 July 2019.  CPS 234 will apply to all APRA regulated entities, including insurers. The purpose of CPS 234 is to ensure that an APRA regulated entity has measures in place to be resilient against … Continue reading

New super ombudsman AFCA commences operation today

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Industry news
Starting 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaces the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal. The AFCA is now the ASIC approved External Dispute Resolution (EDR) scheme for consumer and small business complaints for Australian financial and credit industries. All financial firms should now … Continue reading

APRA releases new prudential standards to boost fitness of private health insurers

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Regulation
APRA has recently released the final versions of three Prudential Standards which will apply to private health insurers (PHIs) from 1 July 2019.  New versions of the following prudential standards have been released: Prudential Standard CPS 510 – Governance; Prudential Standard CPS 520 – Fit and Proper;  and Prudential Standard HPS 310 – Audit and … Continue reading

Brave New World – Unfair Insurance Contracts?

Photo of David FrewPhoto of Ray GiblettBy David Frew and Ray Giblett on Posted in Industry news
When on 18 December 2017 the Commonwealth Government announced its intention to extend unfair contract term provisions to insurance contracts, the industry collectively held its breath. Of course with the Hayne Royal Commission having commenced 14 December it seemed unlikely anything further would happen during 2018. However, not being predictable, on 27 June 2018 the … Continue reading

Drink driver wa(i)ves goodbye to cover

Photo of Tristan BakerPhoto of Ray GiblettBy Tristan Baker and Ray Giblett on Posted in Cases
In the world of commercial and consumer transactions, parties often seek to redistribute risk. Risk can be transferred or assigned by a variety of different vehicles including warranties, waivers, guarantees or simply under the terms of the agreement. Often, the method adopted can exhibit a number of similarities with a contract of insurance, such as … Continue reading

Don’t be collared by your cap – how to ensure your insurance responds Weir Services Australia Pty Limited v AXA Corporate Solutions Assurance [2017] NSWSC 259

Photo of Melissa TanPhoto of Ray GiblettBy Melissa Tan and Ray Giblett on Posted in Cases
The recent decision of Weir Services Australia Pty Limited v AXA Corporate Solutions Assurance [2017] NSWSC 259 is a cautionary tale for insureds seeking to preserve cover when settling third party claims. In order to succeed against the insurer, an insured must prove the existence and quantum of the insured’s liability to the third party. … Continue reading

You think that’s excluded, think again – section 54(3) of the Insurance Contracts Act to the rescue

Photo of Ray GiblettPhoto of Melissa TanBy Ray Giblett and Melissa Tan on Posted in Cases
Allianz Australia Insurance Ltd v Smeaton [2016] ACTCA 59 A jet ski, no licence, and a freak accident which ended a boys’ afternoon out on the Ross River, Queensland. To top it off, a policy exclusion apparently excluded cover. Fortunately for the insured, section 54 of the Insurance Contracts Act 1984 (Cth) (ICA) stepped in … Continue reading

A High-Water Mark in Section 54’s Voyage to Certainty?

Photo of Tristan BakerPhoto of Ray GiblettBy Tristan Baker and Ray Giblett on Posted in Cases
If the High Court’s signal in Highway Hauliers was not clear enough, the Full Court of the Federal Court has further affirmed the pervasive remedial nature of section 54 of the Insurance Contracts Act 1984 (ICA). Watkins Syndicate v Pantaenius concerned an appeal from a decision handed down in January this year (See https://www.insurancelawtomorrow.com/2016/10/section-54-of-the-insurance-contracts-act-a-hard-act-to-follow ). … Continue reading

Insurance and the sharing economy (Part 3): Smart contracts: the future of insurance?

Photo of Sorrel PalmerPhoto of Isobel TaylorPhoto of Ray GiblettBy Sorrel Palmer, Isobel Taylor and Ray Giblett on Posted in Industry news
Imagine an insurance policy which pays out on an insurable event without the need for involvement from a claims handler or even the policyholder lodging a claim. For today’s tech savvy consumer, hours spent on the phone to an agent or broker is a hangover from the analog age. Enter the smart contract. A smart … Continue reading

Would you like insurance with that? ASIC dishes up advice on add-on insurance

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Regulation
ASIC’s latest report (Report 492) on add-on insurance makes for sobering reading. Following a review of add-on general insurance products sold through car dealers, ASIC identifies a number of concerns. This follows earlier reports focused on consumer experiences (Report 470) and the sale of life insurance through car dealers (Report 471). The most recent report … Continue reading
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