Category Archive: Regulatory

Climate change risk heats up for directors

Today marks the formal adoption of the Paris Agreement on climate change in many countries across the globe. When ratified in Australia, the Agreement will give legal effect to the development of an economy dedicated to low carbon emissions. The Agreement ushers in a new age for corporate Australia, in which company directors will be …

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ASIC releases Regulatory Guide on review and remediation for retail clients

The Australian Securities and Investments Commission (ASIC) has released Regulatory Guide 256 ‘Client review and remediation conducted by advice licensees’. This guide sets out ASIC’s guidance on review and remediation conducted by Australian financial services (AFS) licensees who provide personal advice to retail clients. All AFS licensees have an obligation to ensure their financial services …

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ASIC raises concerns about add-on insurance sold through car dealers

The Australian Securities and Investments Commission (ASIC) has released a report on add-on general insurance policies sold through car dealers. ASIC have concluded that the market is failing consumers and there are serious problems which need to be addressed immediately and comprehensively by insurers. This follows on from two reports released earlier this year about …

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ASIC maintains dollar disclosure relief

ASIC has made a new legislative instrument  to replace three class orders on dollar disclosure (CO 04/1431, CO 14/1433 and CO 04/1435). They were due to expire on 1 October 2016 and 1 April 2017, but the new legislative instrument maintains the relief that they provided. The dollar disclosure provisions in the Corporations Act require …

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Insurance Review May 2016

Welcome to Insurance Review May 2016, DLA Piper’s publication dedicated to the insurance industry. In this edition we report on developments across the insurance industry, including the impact of the AEC and other regulatory developments. We also report on the latest cases in many classes of business, including D&O, cyber, privacy, fintech, construction, medical indemnity, …

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Out of Bounds on the Full for Hird? An important case on defence costs coverage in regulatory actions

James Hird was on the losing end of a Supreme Court of Victoria proceeding against Chubb Insurance Company of Australia Ltd this week, where he sought indemnification of legal costs (of around $692,000) under a D&O liability policy. The costs in question were in connection with Hird’s unsuccessful 2014 Federal Court challenge (at both trial …

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ASIC suspends AFS licencee for failing to lodge financial statements

Allegianz Pty Ltd (Allegianz) has had its Australian financial services (AFS) licence suspended by ASIC for a period of six months due to a failure to comply with a number of key obligations as a financial services licensee. Alliegianz is a Melbourne-based company who provides advisory services in the government and commercial sectors and has …

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DLA Piper’s Global Insurance Sector: 2015 Year End Review and Forecast for 2016 Publication

2015 was a challenging and transformative year for the insurance industry. We saw: More than $200 billion in mergers, including mega-mergers such as Anthem’s $55.2 billion acquisition of Cigna, Aetna’s $37 billion acquisition of Humana and Ace’s $29.7 billion acquisition of Chubb. Announced plans by some major carriers to dramatically restructure and rescale their businesses, …

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ASIC proposes to maintain relief provided by dollar disclosure class orders

The Australian Securities & Investments Commission (ASIC) has released a consultation paper proposing to maintain certain class orders (now called ‘legislative instruments’). Legislative instruments usually apply to a certain class of persons and often modify or clarify the operation of a provision of an Act. The consultation paper released by ASIC proposes to maintain relief …

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Scrutiny of add-on insurance products continues

The Australian Securities & Investments Commission (ASIC) has released two reports examining the sale of add-on insurance products by car dealers. Car dealers providing finance offer life insurance as a component of consumer credit insurance (CCI). CCI covers the risk of a consumer being unable to make loan repayments due to a serious accident or …

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