Asia Pacific

Corporate Risk & Insurance Update

Mathematical and Moral Gymnastics:  Government releases Natural Disaster Insurance Review Issues Paper

By Greg Moss of Gadens Lawyers, Sydney

The Natural Disaster Insurance Review panel (the review panel) released its eagerly awaited issues paper late last week, entitled Natural Disaster Insurance Review – Inquiry into flood insurance and related matters (the paper).  The paper seeks to address the availability and affordability of insurance offered by the private insurance market in the aftermath of recent storms and flooding in Queensland and Victoria. read more

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Aged Care Update

in this issue

Tightening the bond – Aged Care Amendment Bill 2011 (Cth) released

By Arthur Koumoukelis and Jessica Smythe of Gadens Lawyers, Sydney

As part of the Government’s health and hospital reform agenda to better protect accommodation bonds paid by residents of aged care facilities and improve the complaints scheme, the Minister for Mental Health and Ageing, Mark Butler, introduced the Aged Care Amendment Bill 2011 (Cth) (the Bill) to parliament on 27 May 2011.   read more

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Not-for-profits Update

Levelling the not-for-profit playing field

By Arthur Koumoukelis and Jon Cheung of Gadens Lawyers, Sydney

In a speech to the National Press Club on 27 May 2011, Assistant Treasurer Bill Shorten released a consultation paper entitled ‘Better targeting of not-for-profit tax concessions’.  The consultation paper marks the first stage of the reforms announced in the 2011 Federal Budget.  Social enterprises, charities and not-for profit (NFP) organisations with significant income-generating activities will need to consider how these reforms may impact their ability to continue such activities in a sustainable and tax-effective manner. read more…

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Destination India

To learn more about doing business in India, please see the attached Destination India – 2010.

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corporate risk and insurance update

APRA keeps insurers on their toes:

Refinements to the prudential framework for general insurance discussion paper

By Greg Moss of Gadens Lawyers, Sydney

The Australian Prudential Regulation Authority (APRA) has released a discussion paper (the paper) entitled Refinements to the prudential framework for general insurance groups identifying a ‘small number of areas’ where the prudential and reporting framework for general insurance groups domiciled in Australia (Level 2 groups) require refinement.

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not for profits update

Charity redefined: Broader scope for charities?

By Jon Cheung of Gadens Lawyers, Sydney

On 11 May 2011, the ATO issued draft Ruling TR 2011/D2 (Draft Ruling) and a Decision Impact Statement (Decision Impact Statement) setting out their views in relation to the Aid/Watch(1) case (see our case update here).  The Decision Impact Statement and Draft Ruling have a significant impact on future or proposed activities and on some organisations not previously considered ‘charitable’. read more…

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Potential Investment Opportunities in Vietnam – Electricity

The second half of Alex Larkin’s presentation addressed the opportunities for foreign and domestic investors in the electricity generation sector. He began by saying that the government needs to make some good decisions to facilitate this, specifically when it comes to electrical pricing. Electricity is just too cheap at this point to attract foreign investors to come in and build power plants. They won’t make any money if they’re forced to sell at 5 cents per kilowatt hour.

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Legal Framework for Foreign Investment & Establishment of Business Entities in Vietnam with Alex Larkin

Following Mr. Thao’s presentation on the Vietnamese Lawyers Federation and the history of the legal industry in Vietnam, the delegates turned their attention to Alex Larkin, who talked about the legal framework for foreign investment and the establishment of business entities in Vietnam.  Alex is a transplant from Washington State, so he had a unique perspective on the opportunities available to foreign investors.

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Vietnam Lawyers Federation and Legal Practice in Vietnam with Mr. Nguyen Van Thao

During the ILN’s 2011 Asia Pacific Regional Meeting in Hanoi, Vietnam, we had a very interesting presentation with Mr. Nguyen Van Thao, the Vice Chairman of the Vietnam Lawyers Federation.  He treated the group to a fascinating history of legal practice in Vietnam, and the current state of the legal industry.  After a welcome from our chairman, our local host lawyer, Mr. Phan Nguyen Toan, translated the presentation for us.

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