Norton Rose Fulbright (LexBlog Australia)

206 results for Norton Rose Fulbright (LexBlog Australia)

  • What you should do now in light of the Privacy Reform bill

    Major privacy law reform in Australia gathered pace this week, with newly tabled legislation proposing to significantly increase penalties for privacy breaches, among other reforms. Now is the time to start asking questions In preparation for these reforms, companies that collect and process personal information should be asking the following questions: Do we know what...

  • Norton Rose Fulbright’s global restructuring group releases the Q4 2022 issue of International Restructuring Newswire

    Our global restructuring team has released its quarterly International Restructuring Newswire. Our new issue features articles from the US, Australia and Canada to help you stay current on recent developments in restructurings in various jurisdictions around the globe. Alto Maipo: Delaware ruling poses jurisdictional challenges for Chapter 11 debtors Financial crime in an economic downturn:...

  • Global regulation and conduct series – Rising cost of living, vulnerable customers and consumer duty

    In the first in our global series of regulatory podcasts focussing on conduct issues, financial services partners from Australia, United Kingdom and the United States cover the rising cost of living, vulnerable customers and consumer duty. (Apple Podcasts / Spotify)

  • Prescription of D & O claims-made insurance claims (Australia)

    In this judgment, the relevant insurers relied on a limitation defence against the insured’s claims.  All the parties agreed that the claim was in contract and had a limitation period of 6 years under the relevant legislation. The question was the accrual date of the insured’s cause of action. The court confirmed that the date...

  • Directors and Officers Insurance and Material Non-Disclosure & Misrepresentation (Australia)

    In this judgment the court considered the insured’s duty of disclosure and the insurers’ ability to avoid the policy under the relevant Australian legislation. The question turned on what was called the Iraq File Note written in November 2010.The insurers contended that the contents should have been disclosed before renewal of the policy in 2011....

  • Thinking of bringing your InsurTech idea down under?

    Australia has a vibrant InsurTech ecosystem and similarities between the UK and Australian insurance markets, together with the promise of sunny weather, make the land down under a great option for InsurTechs looking to set up shop abroad. In this article, in collaboration with the UK Department for International Trade, we share some things to...

  • Double insurance (Australia)

    In this April 2022 judgement, the court reviewed and considered the doctrine of double insurance in the context of a motor vehicle accident claim where the third party insurer settled the claim and then sought a contribution from the insurer of the employer of the driver.  And the effect in that context on double insurance of...

  • Trade credit insurance and Sharia-compliant finance (Australia)

    This judgement dealt with a trade credit insurance policy issued by the insurer. Trade credit insurance is a business insurance product which indemnifies a seller against losses from non-payment of a commercial trade debt. The insurer usually pays an agreed percentage of an invoice or a receivable that remains unpaid because of protracted default, insolvency...

  • Broker’s liability to clients (Australia)

    This is an Australian case which concerns legal duties that a broker owes to its client (the insured) and the burden of proof that lies with the insured in showing whether brokers breached their legal duty. The broker provided the client with insurance brokerage services for over 30 years. The broker had obtained all-inclusive building...

  • More about the duty to mitigate loss (Australia)

    “The purpose of the principle that a party injured by the wrong of another must mitigate the Damage is to ensure that damages do not over-compensate for the wrong, not to empower the wrongdoer to frustrate a claim for reasonable compensation.  Therefore, the onus of establishing that the injured party has not mitigated their loss...

  • What are the amendments to the Model WHS Act and Regulations?

    The model Work Health and Safety Act (Model Act) and the model Work Health and Safety Regulations (Model Regulations) have recently been amended by Safe Work Australia (SWA). These amendments implement the agreed response by WHS Ministers in May 2021 (see our earlier blog article here) to the recommendations contained in the Marie Boland independent...

  • Was RI Advice a watershed for cybersecurity law in Australia or a damp squib?

    In this article we distil critical lessons from the Federal Court’s recent decision in Australian Securities and Investments Commission v RI Advice Group Pty Ltd[1] and practical actions to be taken by Boards and executive management. Boards and organisations should assess their cybersecurity risk management activities in light of the decision and ask whether current...

  • Entitlement to indemnity and “Interests of Other Parties” clause (Australia)

    In this judgment the appeal court had to consider whether the claimant who owned goods damaged by fire at the insured’s warehouse premises was entitled to an indemnity under the relevant policy of insurance. The lower court held that on a proper construction of the “interests of other parties” clause in the policy as interpreted...

  • Insurance and reasonable precautions clauses (Australia)

    In this recent Australian judgment dealing with broker liability, in which the broker ultimately conceded a breach of a duty of care of the insured to draw to their client’s attention a policy exclusion relevant to the insured’s pool for which the claim was made when the empty pool lifted, the court held that despite...

  • Stars don’t align for casino as it is left out of pocket once again

    Another COVID-19 insurance case comes to a close, at least for now, with the Full Federal Court handing down its decision in Star Entertainment Group Limited v Chubb Insurance Australia Ltd [2022] FCAFC 16. The Full Federal Court also handed down its decision in the second business interruption test case appeal. For our related articles:...

  • Crypto regulation is coming…what does this mean for insurance?

    Following the recommendations of the Senate Select Committee on Australia as a Financial and Technology Centre, Treasury has released a consultation paper on licensing and custody requirements for Crypto Asset Secondary Service Providers (CASSPrs).  Consultation is currently open and will close on 27 May 2022. What is the consultation about? The consultation relates to approaches to...

  • COVID-19 test case #2: The sequel to ‘A dry cleaner, dentist, travel agent, personal trainer, café owner and friends walk into a bar…’

    The sequel to the business interruption second test case is now here. On Monday, the Full Federal Court handed down its decision in the second business interruption test case appeal.  The decision is an appeal from the judgment of Justice Jagot in relation to various business interruption insurance claims. The Full Federal Court also handed...

  • Australia takes the international lead in social media regulation

    In December 2021, our post “Increased likelihood of US social media regulation” discussed Facebook whistleblower Frances Haugen and her call to hold social media platforms accountable for the potentially dangerous content that appears on their sites. In February 2022, Haugen once again flagged Facebook’s algorithms as potentially harmful, but this time Haugen was speaking outside...

  • Open Insurance is finally coming to Australia… what does this mean for insurance?

    Open Insurance is coming! On 24 January 2022, the Treasury released the Consumer Data Right (CDR) Strategic Assessment Outcomes Report (Outcomes Report). The Outcomes Report recommended expanding Australia’s CDR to Open Finance. The recommendation follows the launch of open banking in Australia in 2020, and a number of reports concerning the expansion of the CDR...

  • Psychosocial hazards should be top of mind for Victorian employers

    Victoria’s proposed Occupational Health and Safety Amendment (Psychological Health) Regulations (Proposed Regulations) were released yesterday and, if approved by the Minister, are slated to commence operation on 1 July 2022. Their introduction follows a period in which workers’ compensation claims for mental injury have persistently increased across Australia. In Victoria, such claims increased...

  • Ten things to know about insurance regulation in the Asia Pacific Region 2022

    Norton Rose Fulbright has published its 2022 edition of Ten Things to Know about insurance regulation in the Asia Pacific region. The publication identifies the regulator, whether branches of foreign insurers are permitted, the restrictions on foreign direct investment, notifications or approvals required for change of control, the nature of the capital regime, group supervision...

  • CCIVs are to become a reality

    On 10 February 2022, the Senate passed the long-awaited Corporate Collective Investment Vehicle (CCIV) legislation with bi-partisan support. As a result, the new funds framework is now expected to commence from 1 July 2022. This marks a significant milestone in the development of Australia’s funds management industry, broadening out the range of investment structures. The...

  • Are you critical? Amendments to the Security of Critical Infrastructure Act (2018) dramatically expand its scope and impact across Australian industry

    Introduction Significant changes to the law with respect to security of critical infrastructure in Australia, including enhanced cybersecurity incident reporting requirements and the inclusion of further asset classes have been passed. On 22 November 2021, the Security Legislation Amendment (Critical Infrastructure) Bill 2021 (Bill) passed both houses of the federal parliament of Australia and...

  • Householders liability insurance exclusion for anyone who usually lives at the insured address (Australia)

    This judgment Re Murray (deceased) Crummer v AAI Limited ABN 2020 QSC 155 dealt with the meaning of a householder’s liability policy exclusion for liability for death or injury of anyone who usually lives at the insured address. The court said that the phrase “anyone who usually lives at the insured address” appeared to be a...

  • Planning to import chemicals in to Australia from overseas?

    Australian businesses are increasingly turning to overseas manufacturers to fulfil domestic demand for chemicals and chemical-based consumer products. Year on year, figures show that Australian companies are importing increasing volumes of these products, with some of the strongest performers coming from the domestic fuel, pharmaceutical, and cosmetic sectors of the chemicals-based consumer...

  • The drinks are on the insurer: Insurance Australia Ltd trading as CGU Insurance v MOS Beverages Pty Ltd [2021] FCAFC 165

    In a significant decision for insurance contracts in various industries, the Full Court of the Federal Court of Australia has dismissed an appeal concerning the rights of a ‘third party beneficiary’ under an insurance policy. Insurers should take steps to ensure their policy wordings and policy schedules accurately reflect those they intend to cover. Otherwise,...

  • Casino left without a cent as Federal Court rules on Business Interruption coverage claim

    A significant Covid-19 related business interruption claim has been decided in favour of insurers. In Star Entertainment Group Limited v Chubb Insurance Australia Ltd [2021] FCA 907, the Federal Court dismissed Star Entertainment Group’s claim for business interruption losses under an industrial special risks (ISR) policy. It appears Star has appealed the decision. Not surprisingly,...

  • Extended business cover confined to physical not financial loss by government Covid-19 action (Aus)

    In this August 2021 judgment, the Federal Court of Australia in Star Entertainment Group Limited v Chubb Insurance Australia Limited [2021] FCA 907 had to deal with the interpretation of an insurance policy of the insureds who owned and operated various casinos and associated businesses.  The insureds allege that the government’s directions in connection with...

  • Rise of the machines: Federal Court of Australia holds that artificial intelligence can be a patent ‘inventor’

    It is not often that one reads a decision which raises not only complex and interesting issues of the correct interpretation of Australian patent legislation, but also calls upon the reader to consider existential and philosophical questions regarding the Promethean role of technology in modern society. But that is just what his Honour Justice Beach...

  • A tale of two claims: Federal Court hands down two judgments on non-disclosure

    In what has proven to be the best and worst of times for insurers, two recent Federal Court of Australia decisions shed further light on when an insurer may be able (or in the case of the second case, unable) to exercise its statutory rights in the event of non-disclosure. In All Class Insurance Brokers...

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