Ransomware incidents continue to be the most common cyber-related attacks against businesses. Ransomware is a type of malware that blocks access to a computer system (or threatens to release data) until or unless a sum of money is paid (often in Bitcoin). When a ransomware attack strikes, it can have an immediate and debilitating effect … Continue reading
I Can you breach an insurance policy before being aware of a claim? The short answer is yes. In a split decision, the New South Wales Court of Appeal recently found a cause of action for breach of an indemnity policy accrues at the time of an insurable event, in this case … Continue reading
The Office of the Australian Information Commissioner (OAIC) this week released its 12-month Insights Report for the Notifiable Data Breach (NDB) Scheme (Report). The Report shows trends and noteworthy statistics from 1 April 2018 to 31 March 2019, reporting an uptick in notifications and identifying the most common cyber trends leading to a requirement to … Continue reading
Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints … Continue reading
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 the way they are distributed. … Continue reading
What’s happened? The Australian Attorney-General’s department has announced a proposed new regime that would make changes to the Privacy Act 1988 (Cth) (Act). The proposed changes would see a significant expansion of the powers afforded to the Office of the Australian Information Commissioner (OAIC), particularly with respect to the scope of penalties that may be … Continue reading
A Norton Rose Fulbright webinar with John Anning, Insurance Council of Australia Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the first of these interviews, Ray Giblett (insurance partner, Sydney) sat … 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
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
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
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
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
The Office of the Australian Information Commissioner (OAIC) recently released its third quarterly report in relation to data breaches notified under the Notifiable Data Breach (NDB) Scheme between 1 July and 30 September 2018. For this quarter, the OAIC received 245 data breach notifications which is on par with the previous quarter. With this being … Continue reading
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
In mid-2017, the Australian Bureau of Statistics revealed that almost a third of sampled businesses are using commercial cloud computing services. This year, Gartner reported Australian businesses will spend $4.6 billion on cloud services (an 18.5% increase from last year). Below we highlight some of the risks for businesses associated with the use of cloud … Continue reading
By James Rigney and Nina O'Keefe on Posted in Industry news
The recent collapse of a 50 year-old suspension bridge in Genoa Italy is a stark reminder of the devastating impact that failed infrastructure projects can have. Roads and rail, hospitals and schools, airports and stadiums: there’s no doubt Australia is going through a turbulent infrastructure boom, perhaps its biggest yet. The Federal government has announced … Continue reading
The Full Court of the Federal Court in the last couple of weeks considered a question that by some has been considered a “sleeper issue” which had not previously received judicial attention. The question was whether a final adjudication clause in a conduct exclusion prevents Underwriters from relying on their statutory right to avoid a … Continue reading
As many readers know, the Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018. It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience an eligible data breach. The Office of the Australian Information Commissioner (OAIC) recently released its second quarterly … Continue reading
Does your company or organisation (or any of its subsidiaries) monitor, track or target EU data subjects in the context of offering goods or services to them? If the answer is yes, your organisation needs to ensure it is ready to comply with the requirements of the GDPR. What is the GDPR? The European Union … Continue reading
Although cyber insurance is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to insurers and insureds could be equally large. One significant threat is ‘cyber risk aggregation’. What is ‘cyber risk aggregation’? Risk aggregation in the insurance industry refers to multiple claims being generated by the same … Continue reading
The Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018. It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience a data breach. In this post, we look at the first quarterly report issued by the Office of the Australian Information … Continue reading
By Natalie Aprea and Dunzelle Scholtz on Posted in Claims
From time to time, applications are made by a party to proceedings to expedite the hearing because of a feature about the case raises a need for urgency (for example, a dying plaintiff). However, often when an application is made to fast track the proceedings, it can raise issues of prejudice for the respondent, by … Continue reading
By The Editorial Committee on Posted in Industry news
Season’s Greetings from the insurance team at Norton Rose Fulbright. We’ll be taking a break from blogging over the holiday period. But we’ll be back next year to keep you up-to-date with the latest legal and industry developments across the insurance industry. This will include content from our annual thought leadership event: The Inter-Generational Divide: … Continue reading
By The Editorial Committee on Posted in Industry news
We are excited to announce that Norton Rose Fulbright and leading Australian law firm Henry Davis York have now officially combined, to be known as Norton Rose Fulbright in Australia. Together, we have created one of Australia’s largest and most dynamic providers of legal services. The combination further expands our market-leading insurance capabilities. We now … Continue reading