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Financial Accountability Regime to introduce obligations on RSE licensees and insurers
Reforms proposed by the Government this week will impose significant obligations on registrable superannuation entity licensees and insurers. These …
FinReg Insights – The 2020 Outlook
Our financial services team surveys the landscape and highlights the themes that will define the regulatory agenda through 2020Global outlook The …
To infinity and beyond: The Fairness Doctrine
The implications of the recent Full Federal Court decision in ASIC v Westpac Securities Administration Limited [2019] FCAFC 187 (ASIC v Westpac) are …
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of …
Unfair contract terms laws to be extended to insurance contracts
On 30 July 2019, the Government released exposure draft legislation in the Treasury Laws Amendment (Unfair Terms in Insurance Contracts) Bill 2019 for …
Depreciation is not to be deducted as a “saving” in calculating business interruption claims
Whether a reduction in non-cash costs such as depreciation following insured damage amounts to a “saving” to the policyholder which is to be deducted …
Can your insurer rely on an insolvency exclusion?
Insolvency exclusion in D&O policy did not apply to claim by DOCA Administrators for breach of directors’ general duties.Key takeaways In a recent …
Product Intervention Powers and Design and Distribution Obligations in Financial Services: A cross-border perspective
Many regulators view their ability to intervene as one of their key supervisory tools to reduce harm in cases where there is a risk of significant …
Accessing a deregistered policyholder’s cover, and the need to consider exclusions carefully in context
A recent case1 in the financial services sector illustrates that: A counterparty being deregistered is not the endpoint for insurance claims. …
Statutory limitation period for a court action to be filed against insurers runs from the date of the loss, not the date of declinature
Key takeaways The New South Wales Court of Appeal has held that a policyholder’s cause of action against an insurer arises when the insured event …
Superannuation and group life insurance
The Royal Commission was widely expected to bring the superannuation industry to its knees, and certainly there are findings that make sobering …
Insurance
The Royal Commission’s final report has endorsed much of the existing legislative and reform proposals for the insurance industry.There are, however, …
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