AFCA forces insurer to lower its premium on a home and contents policy26 March 2019 | Insurance & Health Law
The Australian Financial Complaints Authority (AFCA) has made a determination requiring an insurer to lower the premium offered on a home and contents insurance policy - read it here. The relevant complaint was made in response to a renewal notice from...
ASIC given stronger tools to counter corporate and financial misconduct22 March 2019 | Insurance & Health Law
After passing through both houses of Parliament in February, the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 received royal assent last week, significantly increasing both civil and criminal penalties...
AFCA begins consultation on plans to accept legacy complaints21 March 2019 | Insurance & Health Law
Following the Hayne Royal Commission, both the Government and Opposition outlined their respective plans to expand the remit of AFCA (see our earlier article). Significantly, both major parties agree on empowering AFCA to consider legacy complaints dating...
AFCA changes give rise to significant uncertainty for financial service providers and their insurers1 March 2019 | Insurance & Health Law
The Australian Financial Complaints Authority (AFCA) is set to be beefed up with potentially significant ramifications for financial service providers and their insurers. AFCA was established in November last year to consider complaints against financial...
VCAT’s Lacrosse decision sparks controversy for building professionals28 February 2019 | Insurance & Health Law
A few hours ago, in a courtroom with standing room only, his Honour Judge Woodward handed down what could end up being the most anticipated decision for 2019 – the decision flowing from the rectification of the cladding on Melbourne’s Lacrosse...
Does the Royal Commission Recommendation on Claims Handling Pass the Smell Test?6 February 2019 | Insurance & Health Law
One of the key recommendations from the Hayne Royal Commission for the insurance industry is for claims handling to be included in the definition of ‘financial services’ under the Corporations Act 2001. The net effect of this is to require...