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Service 19 of Australian Insurance Law (Annotated) released

by Desanka.Vukelich 29. September 2011 09:57

Service 19 of Australian Insurance Law (Annotated) has been released.

Updates to this Service are as follows:

Legislation:

• Medical Indemnity Act 2002 amended by:

— Human Services Legislation Amendment Act 2011 No 32

• Medical Indemnity Regulations 2003 amended by:

— Human Services Legislation Amendment Regulations 2011 (No 1) No 120

Codes of Practice:

• Financial Ombudsman Service – Terms of Reference inserted

Practice Notes:

• Insurance Enquiries and Complaints – Practice Note: Exchange of Information removed

• Insurance Enquiries and Complaints – Practice Note: Non-disclosure and Misrepresentation removed

• Practice Note No 2: PN2 Dispute Handling Processes and Information Exchange inserted

• Practice Note No 3: PN3 Surveillance and Recording Evidence inserted

• Practice Note No 4: PN4 Systemic Issues Procedures inserted

Commentary:

• The Current Issues guide card has been updated with the following article:

— Will UK Insurance Law Reform Overtake Australian Marine Insurance Reform?

• The Insurance Contracts Act 1984 annotations have been updated:

— Annotations to ss 26, 45, 48 and 54 have been updated

• The Marine Insurance Act 1909 annotations have been updated:

— Annotations to ss 45 and 61 have been updated

• The Overview of the Aviation Insurance guide card has been updated

Also in this service:

• The Publisher’s Note and Preface have been updated

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Legislation

Corporations Amendment (Sons of Gwalia) Act now law

by Hilary Kincaid 10. January 2011 15:10

The Corporations Amendment (Sons of Gwalia) Act commenced on 18 December. A copy of the Act as passed is available on Comlaw.

Broadly, the amendments mean that:

1.       Being a shareholder does not in itself preclude a claim for compensation in insolvency;

2.       BUT payment of all subordinate claims (broadly, claims as a shareholder or that relate to dealing with shares) is postponed until ALL other claims against, and debts payable by, the company in insolvency have been paid.

3.       A person whose claim against the company has been postponed is entitled to request and receive documents relating to the insolvency, and in some circumstances to vote at certain meetings regarding the conduct of the external administration (with the permission of the court). 

 

Subscribers are referred to the extensive discussion of the Bill's terms and likely effect in Ford's Principles of Corporations Law at [24.510].

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Insolvency | Law reform | Legislation

Supporting regulations made for Corporations Amendment (No 1) Act 2010

by Hilary Kincaid 14. December 2010 11:07

Now that the substantive provisions of the Corporations Amendment (No 1) Act 2010 have commenced, amending regulations have been made in support of the new regime.

The Corporations Amendment Regulations 2010 (No 10) make amendments to prescribe improper purposes for the use of information in a copy of the register, and create a new fee structure for obtaining such copies.  The explanatory statement is available on Comlaw.

 

The Australian Securities and Investments Commission Amendment Regulations 2010 (No 5) substitute the definition of “financial service” in reg 2C. Their object is to ensure that ASIC can take action against parties under the investor protection provisions. The explanatory statement is available on Comlaw.

Tags:

ASIC | Compliance | Legislation

Corporations Amendment (No 1) Act 2010 commences today

by Hilary Kincaid 13. December 2010 11:11

The substantive provisions of the Corporations Amendment (No 1) Act 2010 have been proclaimed – they commence today.

 

Proclamation details are here on Comlaw. Please see our previous post regarding the substance of the amendments that it will make.

Tags:

Legislation | Parliament

Corporations Amendment (No 1) Act 2010 receives assent

by Hilary Kincaid 28. November 2010 18:44

The Corporations Amendment (No 1) Act 2010 has received assent (on 24 November 2010). It has not yet been proclaimed, but if unproclaimed within 6 months it will commence on 25 May 2011 by forced commencement. 

The text of the amending Act is on Comlaw.  Please see our previous post regarding the substance of the changes that it will make to the Australian Securities and Investments Commission Act and the Corporations Act.

Tags:

ASIC | Law reform | Legislation | Parliament

Corporations Amendment (Sons of Gwalia) Bill passes Parliament

by Hilary Kincaid 28. November 2010 18:30

The Corporations Amendment (Sons of Gwalia) Bill 2010 passed the Senate on 26 November 2010.

The Bill reverses the High Court’s decision in Sons of Gwalia v Margaretic, which found that s 563A of the Corporations Act did not subordinate certain compensation claims by shareholders below the claims of other creditors.

As the Parliamentary Secretary to the Treasurer, David Bradbury, added: "The amendments also streamline the treatment of shareholder claimants in an external administration and eliminate common law restrictions on the capacity of a shareholder to recover damages against a company."

The revised text of the bill is available from its official Parliament House page. It is currently awaiting Royal Assent.

 

Tags:

Law reform | Legislation | Parliament

Amendments to ASIC Regulations

by Hilary Kincaid 18. November 2010 16:37

The Australian Securities and Investments Commission Amendment Regulations 2010 (No 4) were registered on 18 November 2010, and commence on 1 January 2011. 

The amending regulations amend the Australian Securities and Investments Commission Regulations 2001 to prescribe informational requirements for invoices that, if complied with, would allow a person to avoid the presumption that they have asserted a right to payment.  The amendments also provide recipients of requests for payment for unsolicited financial services with information that limits the scope for confusion about obligations to pay other people money in response to documents that assert a right to payment.

The amending regulations will insert new regs 2E and 2F.

Tags:

ASIC | Law reform | Legislation

Corporations Amendment Regulations 2010 (No 8)

by Hilary Kincaid 27. October 2010 16:18

Mary MacKillop was first recognised by the Vatican, now by the Governor-General – the Corporations Amendment Regulations 2010 (No. 8) were registered today, and commence tomorrow.

Their stated purpose is “to protect the name of Mary MacKillop from commercial exploitation by individuals or corporations who have no connection to her.” They amend Sch 6 para 6203, which sets out the names which will be deemed unacceptable for registration by ASIC for the purposes of s 147(1)(c) or s 601DC(1)(c) of the Corporations Act.

Tags:

Parliament | Legislation



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