Discription

Mann’s Annotated Insurance Contracts Act, 8th edition provides the full text of the Insurance Contracts Act 1984 accompanied by clear and concise annotations, explaining the operation of the Act. Accompanying the annotated Insurance Contracts Act, the work also contains related legislation and materials. Given the numerous changes to the Insurance Contracts Act in recent years, this edition includes historical forms of a number of key sections, including s 21 “The insured’s duty of disclosure” and ss 28 and 29 which specify an insurer’s remedies for failure to take reasonable care not to make a misrepresentation, or non-disclosure or misrepresentation (as applicable). For the first time this edition also contains commentary on the obligation of an Australian financial services licensee to do all things necessary to ensure that the financial services covered by the licence are provided “efficiently, honestly and fairly”, under s 912A(1)(a) of the Corporations Act 2001 (Cth). This obligation is relevant to Australian insurers, as they are generally required to hold an Australian financial services licence. Prior to 13 March 2019 there was no penalty for a contravention. Since that date a contravention has carried a maximum penalty, subject to turnover, of 2.5 million penalty units. We have included this commentary because of the very large overlap between an insurer’s duty of utmost good faith and its obligation to provide the financial services efficiently, honestly and fairly. Prima facie, a failure by an insurer to act with the utmost good faith is also a failure to provide the financial services efficiently, honestly and fairly, which may attract a substantial penalty. Mann’s 8th edition is an essential publication for all insurance lawyers, insurance professionals including underwriters, claims managers, insurance brokers, loss adjusters , academics and students. The title provides a practical guide to the Insurance Contracts Act 1984 with annotations.