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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.
[131] [132] Where a contract is not expressly or implicitly prohibited by statute, the court must discern from the scope and purpose of the relevant statute "whether the legislative purpose will be fulfilled without regarding the contract or the trust as void and unenforceable". [133] There are a range of consequences of illegality:
Insurance Contracts Act 1984 (consumer protection in respect of insurance policies) Other legislation which affects the industry includes: A New Tax System (Goods and Services Tax) Act 1999 (taxation rules in respect to insurance e.g. Division 78)
In contract law the contract price is a material term. The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.
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.
The concept of good faith was established in the insurance industry following the events of Carter v Boehm (1766), and is enshrined in the Insurance Contracts Act 1984 (ICA). [26] The act stipulates, in Section 13, obligations of all parties within a contract to act with utmost good faith.
Medical indemnity is a form of professional indemnity coverage defined by Australian legislation – the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 and is a type of general insurance (see Insurance in Australia).
Uberrima fides is strictly limited in English law to the formation of the insurance contract. [5] During the mid-20th century, American courts expanded it much farther into a post-formation implied covenant of good faith and fair dealing. Violation of that implied covenant came to be seen as a tort, now known as insurance bad faith. [5]