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 … Continue reading
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 deferred due to the COVID-19 pandemic. Commencement dates contained in the exposure draft legislation issued … Continue reading
The Insurance Council of Australia recently launched the 2020 General Insurance Code of Practice (GICOP). The new GICOP continues the evolution of insurer self-regulation which commenced in 1994 and, like its previous iterations, promotes protection of consumers and other policyholders at various touchpoints throughout the customer journey. While the adoption of the GICOP is currently … Continue reading
In what is sure to be welcome news, the Australian government has announced temporary relief for company directors from Australia’s notoriously tough insolvent trading laws. This is a sensible decision, which is good news for directors (and their insurers) in what is proving to be unprecedented times. Directors face personal liability if the company trades … Continue reading
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 Royal Commission into Misconduct in … Continue reading
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