Search results
Results from the WOW.Com Content Network
The Insurance Contracts Act 1984 (ICA) applies to most insurance contracts with an Australian connection and is intended to ensure that a fair balance is struck between the interests of the insurer and the insured. The primary federal laws affecting the industry include: Life Insurance Act 1995 (Life Insurance prudential regulation)
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance.These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of ...
Insurance Act 1932 1932 (No. 4) No Insurance Act 1973 1973 (No. 76) Yes (as amended) Insurance (Agents and Brokers) Act 1984 1984 (No. 75) No Insurance and Superannuation Commissioner Act 1987 1987 (No. 98) No Insurance Contracts Act 1984 1984 (No. 80) Yes (as amended)
ASIC was originally formed as the Australian Securities Commission (ASC), established on 1 January 1991 by the (then) ASC Act 1989. The purpose of ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.
The Australian Consumer Law, together with Fair Trading legislation in all states, also allows a corporation or person to be sued where they have engaged in misleading or deceptive conduct regarding commercial or trade matters. [193] Independent Contractors Act 2006 (Cth) Frustrated Contracts Act 1978 (NSW) Contracts Review Act 1980 (NSW)
In addition, section 48 of the Insurance Contracts Act 1984 (Cth) allows third-party beneficiaries to enforce contracts of insurance. Although damages are the usual remedy for the breach of a contract for the benefit of a third party, if damages are inadequate, specific performance may be granted (Beswick v. Beswick [1968] AC 59).
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
An insurance contract is a contract of the utmost good faith. The most important expression of that principle, under the doctrine as it has been interpreted in England, is that the prospective insured must accurately disclose to the insurer everything that he knows and that is or would be material to the reasonable insurer.