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Barry.Nilsson. advises PNG on Insurance Contracts Law
As one of our region’s fastest growing economies and a real GDP growth rate that compares to China, PNG is an important neighbour to Australia.
Since 2006, Barry.Nilsson. Lawyers has been working closely with the Papua New Guinean Insurance Commissioner to introduce Insurance Contracts legislation into PNG.
This legislation is being introduced as the need to provide both foreign investors and local businesses with financial stability and security as the economy grows.
Barry.Nilsson. Insurance & Health partner Robert Samut is leading the team responsible for advising the PNG Government.
“The reason for the introduction of such legislation is due to the fact that the insurance industry is unique in so many ways. Unlike any other business, insurers are in the business of selling promises.”
“Their promise is to pay a claim, or for example replace certain property should certain events occur. How do you sell a promise? You wrap it up in an insurance contract.”
“It is the insurance policy that you hand to the consumer that contains this intangible, invisible promise. What the proposed General Insurance Contracts Bill does is give that promise a protective coating.” Robert Samut, Partner, Barry.Nilsson. Lawyers
PNG is experiencing a resources boom which has the potential to provide them and their 6 million residents with a standard of living far beyond what they have today.
A recent announcement by ExxonMobil confirms an $18billion investment in liquefied natural gas in PNG with more gas projects looking increasingly likely.
This announcement, added to the existing production in major gold, nickel and copper projects and a visionary plan to pipe water from PNG to Queensland, and you have a small country on the verge of big things.
The PNG Insurance Commissioner is determined to provide a market where insurers can transact business freely with consumers who have confidence in the policies which they are acquiring.
Robert Samut, Partner and Samantha Traves, Consultant, have travelled to PNG to facilitate seminars for attendees from insurance, legal and consumer groups to ensure they are able to hear about and have their say on the draft laws.
The most recent seminar on 29 July saw 150 stakeholders attend.
“At the end of the day, Papua New Guinea will have one of the most effective pieces of insurance contracts legislation anywhere in the world as a result of the learnings we’re able to pass on to them from the Australian legislation.” Robert Samut, Partner, Barry.Nilsson. Lawyers
Submissions will be accepted from the industry until mid September 2010 with a view to introducing the new legislation in early 2011.
PNG is looking at introducing this legislation at the same time as the UK is also starting to seriously look at the reform of its insurance contracts laws.
Later in the year Robert and Samantha will be returning to PNG to conduct training on the application of the Act.
For further information please contact the Marketing Manager.
Since 2006, Barry.Nilsson. Lawyers has been working closely with the Papua New Guinean Insurance Commissioner to introduce Insurance Contracts legislation into PNG.
This legislation is being introduced as the need to provide both foreign investors and local businesses with financial stability and security as the economy grows.
Barry.Nilsson. Insurance & Health partner Robert Samut is leading the team responsible for advising the PNG Government.
“The reason for the introduction of such legislation is due to the fact that the insurance industry is unique in so many ways. Unlike any other business, insurers are in the business of selling promises.”
“Their promise is to pay a claim, or for example replace certain property should certain events occur. How do you sell a promise? You wrap it up in an insurance contract.”
“It is the insurance policy that you hand to the consumer that contains this intangible, invisible promise. What the proposed General Insurance Contracts Bill does is give that promise a protective coating.” Robert Samut, Partner, Barry.Nilsson. Lawyers
PNG is experiencing a resources boom which has the potential to provide them and their 6 million residents with a standard of living far beyond what they have today.
A recent announcement by ExxonMobil confirms an $18billion investment in liquefied natural gas in PNG with more gas projects looking increasingly likely.
This announcement, added to the existing production in major gold, nickel and copper projects and a visionary plan to pipe water from PNG to Queensland, and you have a small country on the verge of big things.
The PNG Insurance Commissioner is determined to provide a market where insurers can transact business freely with consumers who have confidence in the policies which they are acquiring.
Robert Samut, Partner and Samantha Traves, Consultant, have travelled to PNG to facilitate seminars for attendees from insurance, legal and consumer groups to ensure they are able to hear about and have their say on the draft laws.
The most recent seminar on 29 July saw 150 stakeholders attend.
“At the end of the day, Papua New Guinea will have one of the most effective pieces of insurance contracts legislation anywhere in the world as a result of the learnings we’re able to pass on to them from the Australian legislation.” Robert Samut, Partner, Barry.Nilsson. Lawyers
Submissions will be accepted from the industry until mid September 2010 with a view to introducing the new legislation in early 2011.
PNG is looking at introducing this legislation at the same time as the UK is also starting to seriously look at the reform of its insurance contracts laws.
Later in the year Robert and Samantha will be returning to PNG to conduct training on the application of the Act.
For further information please contact the Marketing Manager.