This article focuses on the recently passed legislation by the Financial Services Royal Commission and what has changed from previous policies. The specific legislation is the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020.
It narrows the right of an insurer to avoid a life insurance policy on the basis of non-fraudulent misrepresentation or non-disclosure. Additionally, the Bill amends the insured’s existing duty of disclosure to create a duty to take reasonable care not to make a misrepresentation to the insurer before entering into a “Consumer insurance contract” (CIC).
Authors: Mandy Tsang, Special Counsel, and Sarah Yu, Partner, King & Wood Mallesons
Members-only access
To access the full resource, you must be a member. Already a member? Login to unlock.
Login
Not an ACC member?
Gain access to a comprehensive collection of global resources for in-house counsel
Sign up for a 30-day trial
Region:
Australia
The information in any resource collected in this virtual library should not be construed as legal advice or legal opinion on specific facts and should not be considered representative of the views of its authors, its sponsors, and/or ACC. These resources are not intended as a definitive statement on the subject addressed. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers.