NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
Insurance Council of Australia (ICA) has released a statement on the NSW Appeal Court hearing of the ICA business interruption test case.
ICA CEO, Andrew Hall said, “The ICA is pleased the Court of Appeal has been able to hear the case on an expedited basis and looks forward to a swift determination. The case is an important step towards providing greater clarity to customers, insurers and regulators in the treatment of pandemic-related claims.”
The test case was initiated and fully funded by the ICA to examine the threshold issue of the application of certain infectious diseases exclusions in business interruption policies.
The case, which was prepared after consultation with the Australian Financial Complaints Authority (AFCA), consists of two separate small business claims that were lodged with AFCA as part of its dispute resolution process. The claims were volunteered by two insurers to assist the industry in clarifying the application of pandemic exclusions.
The industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear.
Register your attendance at the 2021.2 NIBA Convention to hear the latest about insurance regulation from ASIC's Dr Rhys Bollen.
APRA has released its Quarterly General Insurance Performance Statistics and Quarterly General Insurance Institution Level Statistics publications for September 2021
Prue Monument has joined AFCA as the General Manager of Code Compliance and Monitoring and is the new CEO of the Banking Code Compliance Committee.
ASIC has commenced civil penalty proceedings in the Federal Court against MLC Limited for insurance policy and service failures