Insurance Contracts Amendment Bill 2013 Becomes Law The Insurance Contracts Amendment Bill 2013 was passed by the Senate yesterday afternoon and is expected to receive Royal Assent and become law within weeks. The Bill represents the most important overhaul of Australian insurance law since the early 1980’s. The amendments contain significant reforms to the duty of disclosure, duty of utmost good faith, subrogation rights and electronic communications. The reforms to the remedies available to life insurers for non-disclosure and misrepresentation are ground breaking and will provide an opportunity for the industry to deliver better targeted and fairer responses to this significant problem. TurksLegal has been keeping clients up to date with the evolution of this legislation and explaining the practical steps the insurance industry needs to take to maximise its potential benefits for all stakeholders. Please feel free to contact the TurksLegal relationship partner for your organisation if you would like any further information.
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John Myatt
Alph Edwards
Darryl Pereira
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