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Showing 11 - 19 of 19 results for "Insurance Contracts Act"

Investment bonds a good alternative to Wills: GDG

KANIKA SOOD  |  FRIDAY, 26 MAR 2021
... Investors can also withdraw their funds at any time. Further, they are treated as non-estate assets (under the Insurance Contracts Act 1984 ) and can be cordoned off from future claims made by creditors (under the Bankruptcy Act 1996 ). Salsbury said ...

Court makes orders in ASIC versus TAL

KANIKA SOOD  |  WEDNESDAY, 10 MAR 2021
... history". The court yesterday found TAL guilty of breaching its duty to act with utmost good faith under the Insurance Contracts Act. (Interestingly, TAL's lawyers had alleged the customer breached her duty of good faith under the Act by failing ...

ASIC turns up the heat on enforcement

HARRISON WORLEY  |  THURSDAY, 27 FEB 2020
One year on from a Royal Commission lambasting, ASIC is continuing to increase its efforts to chasten large institutions for misconduct, latest enforcement activity numbers show. In its latest six monthly report into its enforcement and regulatory work ...

Ongoing fees, advice fees in super to be reformed

ELIZABETH MCARTHUR  |  FRIDAY, 31 JAN 2020
... renewals, identification of services and consent to fees will be necessary if the legislation becomes law. The Insurance Contracts Act would also be amended so that an insurer may only avoid a contract of life insurance on the basis of non-disclosure ...

TAL loses group insurance mandate

JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
... concerns, and accused her of breaching her duty of disclosure and duty of utmost good faith under the Insurance Contracts Act. ASIC is seeking civil penalties for TAL's alleged breach of section 12DB of the ASIC Act - which attracts a maximum penalty ...

ASIC takes action against TAL over RC case

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
... claim's voidance "asserted" the customer had breached her duty of good faith under section 13 of the Insurance Contracts Act. ASIC said it believes TAL's investigation of the customer's medical history was based on false statements the insurer ...

Unfair contract terms extended to insurance

KARREN VERGARA  |  FRIDAY, 2 AUG 2019
... products and services contracts. The proposed new UCT regime will apply to insurance contracts covered by the Insurance Contracts Act. Among the other changes, third-party beneficiaries of an insurance contract will be able to bring a claim under the ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... previous five years, while reaping $121 million in premiums. Hayne today recommended the government amend the Insurance Contracts Act to rid such instances. " Section 29(3) of the Insurance Contracts Act should be amended so that an insurer may only ...

CommInsure, TAL engaged in troubling conduct: Royal Commission

KARREN VERGARA  |  MONDAY, 24 SEP 2018
... standard practice was to tell policyholders whose contracts were being avoided under section 29 of the Insurance Contracts Act that they had breached their duty of good faith. Given TAL's admission with respect to this case study and in such circumstances ...
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