Following a number of amendments to Australia’s Insurance Contracts Act, Minter Ellison has launched the eighth edition of its Insurance Contracts Act Handbook.
Publishing editor Pamela Madafiglio, partner, who heads Minter Ellison’s insurance practice in Sydney, said this updated edition is significant because it helps the industry to navigate changes to the legislation that are particularly challenging.
She said: ‘The amendments around the duty of disclosure for retail insurance are just one example. While they are designed to assist consumers, they are proving difficult to implement and could well end up blurring the lines around proper disclosure.
‘Moreover, the staggered start dates of the amendments mean insurers have to navigate a maze. Over the next few years, the insurance industry will need to keep in mind both the old and new versions of some provisions in the legislation. So we have included both versions of the provisions in this edition of the handbook and provided some guidance on how to handle them.’
Madafiglio added that 2014 would be a big year for the insurance industry and that, in addition to the implementation of the amendments, the outcomes of the federal government’s 2014 Financial System Inquiry are likely to have a significant impact on the insurance industry.