ARTICLE · 12 APRIL 2010

Insurance Contracts Act Amendment Bill 2010

Moray & Agnew

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In March 2003, the Ministerial Meeting on Insurance Issues was held and one of the outcomes of the meeting was a view that the Insurance Contracts Act 1984 (‘the Act’) was impacting on the cost and availability of professional indemnity and other classes of insurance. In September 2003, Senator Helen Coonan and Senator Ian Campbell, jointly announced that the Government would be undertaking a comprehensive review of the Act.

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Mikaela Reynoldson

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Background

In March 2003, the Ministerial Meeting on Insurance Issues was held and one of the outcomes of the meeting was a view that the Insurance Contracts Act 1984 ('the Act') was impacting on the cost and availability of professional indemnity and other classes of insurance. In September 2003, Senator Helen Coonan and Senator Ian Campbell, jointly announced that the Government would be undertaking a comprehensive review of the Act.

The review was undertaken because it was thought that there was:

A reduction in the capacity of the Australian professional indemnity insurance market
An increase in premium for PI insurance because of reduced capacity and higher insurance risks

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