81-90 of 124 results
Amendments to include insurance claims handling in the definition of 'financial services'
The Federal Government has released a consultation paper which takes action on Recommendation 4.8 of the Banking Royal Commission's Final Report. If implemented, the handling and settlement of insurance claims will become a 'financial service' under the Corporations Act 2001 ...
A multi-million dollar question – aggregating claims in class actions
The New South Wales Court of Appeal has held in Bank of Queensland Limited v AIG Australia Limited1 that, under the terms of a civil liability insurance policy, each Class Member Registration For ...
Updated guidance on conflicted remuneration and other banned benefits
Earlier today ASIC released an updated version of Regulatory Guide 246 concerning conflicted remuneration and other banned benefits such as volume-based shelf-space fees The changes are largely to address the life insurance remuneration reforms which take effect on 1 January 2018 But there are other ...
Productivity Commission releases draft report on competition in the financial system
The Productivity Commissions draft report on competition in the financial system released earlier in February makes 25 draft recommendations a key focus of which are reforms to the regulatory system ...
Royal Commission: Round 4 - experiences with financial service entities in regional and remote communities
In the Interim Report the Commissioner identifies four principal issues relating to agricultural lending ...
Allens acts for Allianz on Territory Insurance Office acquisition
Allens has advised insurance company Allianz Australia on its purchase of the Northern Territory Government's general insurance business. Allianz Australia has entered into an agreement with the ...
Proposed reforms to create a consistent proportionate liability regime
In response to concerns about inconsistencies across various state-based jurisdictions and following a public consultation process the Standing Council on Law and Justice has released revised draft model legislation to reform Australias proportionate liability laws Partner Andrea Martignoni and ...
Indonesia passes new law affecting insurance businesses
Investors in the insurance sector should take note of a number of important new ornotable concepts that were introduced in a new law on insurance the New Law that waspassed by the Indonesian Parliament on 23 September 2014 The New Law replaced the nowoutdated 1992 Insurance Law the Old Law As well ...
Implementing Australia's free trade commitments with Japan, Korea and Chile
The Commonwealth has recently made regulation to implement Australias commitments under its free trade agreements with Japan Korea and Chile which will ease certain foreign investment review and life insurance business regulations for investors from those countries Japan Sector Leader and Partner ...
Significant 'blow' for penalties claims
Today the Full Federal Court clarified the law of penalties as it applies to fees The key development is that in considering whether the amount of a fee is extravagant and exorbitant compared to the potential costs incurred in dealing with a failure to perform an obligation the court held that ...