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The Insurance Act 2015 distinguishes between "consumer" and "non-consumer" insurance contracts. Parts 2 and 3 apply only to non-consumer insurance contracts. Part 2 addresses the duty of fair presentation, which is a duty in operation before a contract in entered into.
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)
The new legislation is a response to a consensus that the Marine Insurance Act 1906 is old-fashioned, it no longer represents current practice, and it undermines the continuing dominant position of English Insurance in the global market. [3] The Act has since been complemented by the Insurance Act 2015; and both of these modern Acts have ...
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 ...
The Unfair Contract Terms Act 1977 stated that a consumer cannot be made to unreasonably indemnify another for their breach of contract or negligence, though this section was repealed by the Consumer Rights Act 2015 schedule 4 paragraph 6. [3]
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
The Dallas Stars have been hit with a hefty fine by the NHL after they violated the Collective Bargaining Agreement between the NHLPA and the league by holding an optional practice last week ...
The Insurance Act 2015 codifies common law principles that an insurer is not obligated to pay fraudulent claims, and may recover payments already made from the insured should fraud later be discovered. Upon proper notice to the insured, the insurer may also treat the insurance contract as if it was terminated at the time of the "fraudulent act ...