Regulatory Radar Q2 2024
See below the important topics from the latest edition of our Regulatory Radar, a quarterly update on key regulatory developments impacting the insurance sector in Australia.
ASIC’s first UCT enforcement action dismissed
In March 2024, the Federal Court of Australia handed down its decision of ASIC v Auto & General, finding in favour of the
insurer, Auto & General. This is ASIC’s first enforcement action against an insurer since the unfair contract terms regime was extended to apply to insurance contracts in 2021, that the Federal Court’s decision is subject to an appeal by ASIC.
Financial Accountability Regime
In the most recent FAR development, APRA and ASIC have issued a joint Information Paper for all industries to help accountable entities and accountable persons understand and comply with their obligations and provide an overview on how the regulators will jointly administer the FAR.
Quality of Advice Review
Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian Government agreed to conduct a review to consider how the regulatory framework in Australia could better enable the provision of high quality, accessible and affordable financial advice for retail clients.
Mandatory climate-related disclosure regime
While the mandatory climate-related disclosure regime remains under consideration by the government, we wrap up the latest developments including delayed commencement dates, changes to directors’ declarations, and debates in parliament regarding the scope of the legislation for the regime.
Insurtech trend: parametric insurance
Over recent years, businesses around the world have become increasingly vulnerable to risks arising from climate-driven extreme weather and supply chain interruptions, which in
turn have flow on effects, impacting revenue and profits across many industries. Is parametric insurance the way forward?
Sign up for Regulatory Radar: a quarterly update for Australia’s insurance sector
Stay updated with Gilchrist Connell’s news and insights, zero spam, promise.
We acknowledge the Traditional Custodians throughout Australia and their connection to land, culture, waters and skies. We pay our respect to the communities, the people, and Elders past, present and emerging.
Liability limited by a scheme approved under Professional Standards Legislation. Legal Practitioners employed by and the directors of Gilchrist Connell Pty Ltd are members of the scheme.