Tag Archives: corporate risk & insurance

ILN Today Post

It’s beginning to look a lot like… the pre-Christmas (regulation) rush APRA releases latest consultation package re capital standards for insurers and the latest exposure drafts re the standard definition of flood

The Australian Prudential Regulation Authority (APRA) has released a response paper and 14 draft prudential standards in a third round of consultations on its review of capital standards for general and life insurers.  As discussed in our April 2011 update (see here), according to APRA, the aims of the review include improving the risk sensitivity of the standards and achieving better alignment across APRA-regulated industries.              read more

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ILN Today Post

Oil Basins rises from the ashes?

Westport Insurance Corporation & Ors v Gordian Runoff Limited [2011] HCA 37

By Jessica Kinny and Greg Moss of Gadens Lawyers, Sydney

On 5 October 2011, the High Court of Australia (HCA) handed down its decision inWestport Insurance Corporation & Ors v Gordian Runoff Limited[1].  By majority joint judgment, Chief Justice French and Justices Gummow, Crennan and Bell set aside the earlier arbitral award on the basis of a manifest error of law within the meaning of section 38(5)(b)(i) of the Commercial Arbitration Act 1984 (NSW) (the Arbitration Act)[2]. read more

 

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ILN Today Post

Divide by three – APRA turns twelve prudential standards into four

Divide by three – APRA turns twelve prudential standards into four

By Greg Moss, Gadens Lawyers, Sydney

Following its December 2010 consultation package, the Australian Prudential Regulation Authority (APRA) has released four prudential standards, intended to consolidate 12 existing standards across the authorised deposit-taking, general insurance and life insurance industries. read more

 

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ILN Today Post

Corporate Risk & Insurance Update

Is there nobody to share HIH’s burden?

The final(?) chapter in the HIH Claims Support saga – HIH Claims Support v Insurance Australia Ltd [2011] HCA 31

By Ryan Lynch and Ray Giblett of Gadens Lawyers, Sydney

  • The High Court has delivered the final blow to HIH Claims Support’s long running contribution claim
  • ·           In rejecting the claim, the High Court confirmed the orthodox approach that the parties must share a ‘common burden’ read more

 

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ILN Today Post

Corporate Risk & Insurance Update

Postponing the pre-litigation reforms

By Brianna Roach and Wendy Blacker of Gadens Lawyers, Sydney

The NSW Government has released a media statement on 23 August 2011 announcing that it will postpone the introduction of recent legislation, which required parties to take reasonable steps to narrow or resolve the issues in dispute before commencing proceedings. read more

 

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ILN Today Post

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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ILN Today Post

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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