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Barry.Nilsson. advises PNG on insurance contracts laws
On 29 July 2010 Robert Samut, Partner and Samantha Traves, Consultant, conducted a full day seminar in Port Moresby PNG on the introduction of a General Insurance Contracts Bill. The seminar, arranged by the PNG Insurance Commissioner, saw 150 people from insurance, legal and consumer groups attend what was a very interactive discussion on the proposed legislation.
The proposed legislation is based upon Australia’s Insurance Contracts Act 1984 (C’th) including the proposed reforms to that Act. The purpose of the seminar (and an earlier seminar conducted in July 2006) was to ensure that all stakeholders were able to hear about and have their say on the draft laws. The Insurance Commissioner has allowed until mid September 2010 for submissions to be made, with a view to the legislation being introduced in the first half of 2011.
PNG is experiencing a resources boom which has the potential to provide this country of 6 million people with a standard of living far beyond what they have today. There has recently been an announcement by ExxonMobil confirming its $18billion investment in liquefied natural gas (LNG) with more gas projects looking increasingly likely. Add to this existing production in major gold, nickel and copper projects and a visionary plan to pipe water from PNG to Queensland (feasibility studies currently being undertaken) and you have a small country on the verge of big things.
Combined with the resources boom is a genuine desire on the part of the government to establish greater financial stability and security for the massive inflow of foreign investment, and the thousands of workers coming into PNG to work in these new ventures. Part of this financial services reform is the proposed introduction of the General Insurance Contracts Bill.
Coincidentally the PNG seminar took place at a time when the UK is also starting to seriously look at the reform of its insurance contracts laws. On 15 December 2009, the Consumer Insurance (Disclosure and Representations) Bill (UK) was published by the Law Commission and the Scottish Law Commission. On 19 July this year, the same Law Commission published two issues papers dealing with the further reform of UK insurance contracts laws (the most significant being a paper dealing with the post contract duty of good faith).
For more details or to discuss this further, please contact Robert Samut.
The proposed legislation is based upon Australia’s Insurance Contracts Act 1984 (C’th) including the proposed reforms to that Act. The purpose of the seminar (and an earlier seminar conducted in July 2006) was to ensure that all stakeholders were able to hear about and have their say on the draft laws. The Insurance Commissioner has allowed until mid September 2010 for submissions to be made, with a view to the legislation being introduced in the first half of 2011.
PNG is experiencing a resources boom which has the potential to provide this country of 6 million people with a standard of living far beyond what they have today. There has recently been an announcement by ExxonMobil confirming its $18billion investment in liquefied natural gas (LNG) with more gas projects looking increasingly likely. Add to this existing production in major gold, nickel and copper projects and a visionary plan to pipe water from PNG to Queensland (feasibility studies currently being undertaken) and you have a small country on the verge of big things.
Combined with the resources boom is a genuine desire on the part of the government to establish greater financial stability and security for the massive inflow of foreign investment, and the thousands of workers coming into PNG to work in these new ventures. Part of this financial services reform is the proposed introduction of the General Insurance Contracts Bill.
Coincidentally the PNG seminar took place at a time when the UK is also starting to seriously look at the reform of its insurance contracts laws. On 15 December 2009, the Consumer Insurance (Disclosure and Representations) Bill (UK) was published by the Law Commission and the Scottish Law Commission. On 19 July this year, the same Law Commission published two issues papers dealing with the further reform of UK insurance contracts laws (the most significant being a paper dealing with the post contract duty of good faith).
For more details or to discuss this further, please contact Robert Samut.