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Insurance and reinsurance update (May 2009)

26/05/2009
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  • Social insurance - The future of the Australian health system?
    In February 2009, the National Health and Hospitals Commission released its Interim Report outlining many key reform directions. What is described as “The $94 Billion Question” is: who should run the Australian health care system?
  • Australian Consumer Law reforms: Will insurance contracts be affected?
    On 11 May 2009, the Minister for Competition Policy and Consumer Affairs, Chris Bowen, released a consultation paper “The Australian Consumer Law, Consultation on the draft provisions on unfair contract terms” (Consultation Paper). This follows the Productivity Commission’s report, “Review of Australia’s Consumer Policy Framework”, released in May 2008 and the Discussion Paper, “An Australian Consumer Law: Fair markets - Confident Consumers”, released by Minister Bowen in February 2009.
  • Contribution and double insurance
    The Western Australian Court of Appeal has recently provided further guidance on the interpretation of double insurance provisions in the Insurance Contracts Act (ICA) and the doctrines of subrogation and contribution.
  • D&O insurance and company indemnities
    In our last edition, we discussed current issues insofar as D&O insurance policies were concerned. This article builds on our earlier discussion and focuses on the gap which often exists between the cover provided by D&O insurance effected by a company for its directors and officers and indemnities provided by the company for individual directors and officers under contract or the company constitution.
  • Third party access to corporate insurance policies
    Many commercial insurance policies include a clause to the effect that the contents of the insurance policy must be kept confidential and not disclosed to third parties. The recent Federal Court decision in Merim Pty Ltd v Style Limited [2009] FCA 314 saw a shareholder seek and obtain access to a company’s Director and Officer (D&O) insurance policies under s 247A of the Corporations Act 2001 (Cth) (CA).
  • A cautionary tale - Drafting reinsurance terms
    In General Reinsurance Australia Limited v HIH Casualty and General Insurance Limited (in liq.) [2009] NSWCA 22 the New South Wales Court of Appeal considered the definition of ‘trade credit insurance’ and adopted a broad definition despite arguments of industry practice supporting a narrower definition.
  • The onus of proof in determining terms of an insurance contract
    The decision of the New South Wales Court of Appeal in QBE Insurance (Australia) Limited v Stewart [2009] NSWCA 66 provides guidance on who bears the onus of proving the limit of indemnity in an insurance contract.
  • Harmonising APRA’s powers of injunction
    APRA’s powers to seek court injunctions are set to be harmonised under new legislative reforms..

​Who does this affect?
Insurers, reinsurers, insureds, and insurance brokers and agents.

​What do you need to do?
Consider whether the issues and developments referred to in this publication may impact on your business. We can help.

 

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