Brightlaw.com.au

Unfair contract terms in insurance contracts

WEBCurrently, the unfair contract terms laws in the ASIC Act apply to most financial products and services, but they do not apply to insurance contracts covered by the Insurance …

Actived: 4 days ago

URL: https://www.brightlaw.com.au/unfair-contract-terms-in-insurance-contracts/

APRA action under new Private Health Insurance Capital …

WEBThe Australian Prudential and Regulation Authority (APRA) has announced that it has taken action against Medibank Private following an APRA review of its major …

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APRA finalises new prudential standard on operational risk …

WEBThe Australian Prudential Regulation Authority (APRA) has finalised a new Prudential Standard CPS 230 Operational Risk Management (CPS 230) which …

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Who is a politically exposed person

WEBAustrac has issued a further draft guidance note on the key terms used in the ‘politically exposed person’ (PEP) definition in the AML/CTF Rules. A PEP is defined by …

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New Life Insurance Code of Practice

WEBThe Financial Services Council (FSC) has published the new Life Insurance Code of Practice ( Life Code ), which will commence on 1 July 2023. The changes to the …

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Claiming and calculating lost opportunity damages

WEBThe final step is to calculate LO: LO = P × V. LO = 0.95 × $643,991.45. Therefore, LO = $611,791.88. This shows that La Trobe lost an opportunity worth $611,791.88. …

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Marsh & McLennan Insurance Inquiry

WEBThe inquiry by New York Attorney General Eliot Spitzer into price fixing and secret commissions by insurance broker Marsh & McLennan could have global …

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Australian licensing exemptions for foreign financial services

WEBThe Government is consulting on exposure draft legislation to provide Australian financial service licensing exemptions to foreign financial services providers …

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What is a significant financial institution

WEBThe Australian Prudential Regulation Authority (APRA) has released a cross-industry consultation on minor amendments to align and centralise the definition of a …

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APRA private health insurer governance standards

WEBThe Australian Prudential Regulation Authority (APRA) has released a package of prudential standards and guides aimed at improving governance and decision-making in …

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Case note: factors considered in breach of director’s duties

WEBFacts. ASIC’s proceedings related to the unanimous decision of TA’s board of directors on 20 May 2013 to accept the recommendation of TA’s then CEO to approve a $195.1 …

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AFCA determinations: Banks, financial abuse and powers of attorney

WEBPowers of attorney (including enduring powers of attorney) are an accepted form of appointment by bank customers for a third party to operate their bank account. …

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Case note: when a referral is a privacy breach as well as misleading

WEBIn Australian Competition and Consumer Commission v HealthEngine Pty Ltd [2020] FCA 1203 the Federal Court of Australia ordered that HealthEngine pay to the …

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ICANN approves new domain names

WEBThe Board of ICANN has approved a recommendation that could see a whole range of new names introduced to the Internet’s addressing system. A final …

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Case note: insurer’s duty to act with utmost good faith

WEBIn Australian Securities and Investments Commission v TAL Life Limited (No 2) [2021] FCA 193 the Federal Court of Australia found that TAL Life Limited (TAL) breached its duty to …

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Understanding your "basic" financial product

WEBUnder the Banking Code of Practice, subscribers will need to make eligible customers aware of basic accounts which have minimum features. Credit products can …

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Centro (ASIC v Healey) case note: directors' duties for financial

WEBIn the case of CER, the 2007 annual reports failed to disclose some $500 million of short-term liabilities that had been classified as non-current. In the judge’s view, the directors …

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Dispute resolution under National Consumer Credit

WEBASIC’s updated Regulatory Guide 165 Licensing: Internal and external dispute resolution released on 7 May 2010 tells you what you need to include in your …

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Financial services dispute resolution schemes review

WEBThis article by me first appeared in Complinet.. The Australian Securities and Investments Commission ( ASIC) has released Consultation Paper 102: Dispute …

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ACCC v Lux Distributors: what is unconscionable conduct

WEBIn Australian Competition and Consumer Commission v Lux Distributors Pty Ltd [2013] FCAFC 90 the Federal Court Full Court declared that in selling its vacuum cleaners Lux …

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ASIC v Vines appeal decided

WEBIn Geoffrey William Vines v Australian Securities & Investments Commission [2007] NSWCA 75, the New South Wales Court of Appeal partially allowed Vines’ …

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Modernising Business Communications law passed

WEBThe Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023 has been passed by both Houses of Parliament and is …

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