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The Insurance Act 1973 (Cth) sets minimum capital and solvency requirements for companies wanting to enter or operate in the insurance market. [1]Chapter 7 of the Corporations Act 2001 (Cth) regulates the way in which insurers and insurance agents and brokers carry on business and how they deal with the people they do business with and intend to do business with.
The law of contract in Australia is similar to the contract law of other Anglo-American common law jurisdictions, but differences from other jurisdictions have arisen over time because of statute law and divergent development of common law in the High Court, particularly since the 1980s.
AustLII was established in 1995. [1] [2] Founded as a joint program of the University of Technology Sydney and the University of New South Wales law schools, its initial funding was provided by the Australian Research Council. [3] Its public policy purpose is to improve access to justice through access to legal information. [4]
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 ...
Following the UK model from the late nineteenth century, Australian doctors have protected themselves through establishing state-based mutual organizations collectively called Medical Defense Organizations (MDOs). These medical defense organizations traditionally provided discretionary coverage, rather than coverage under a contract of insurance.
Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.
By 1824, a court system based on the English model had been established through Acts of the British Parliament. [8] The New South Wales Act 1823 provided for the establishment of a Supreme Court with the power to deal with all criminal and civil matters "as fully and amply as Her Majesty's Court of King's Bench , Common Pleas and Exchequer at ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.