the fold icons


News & Updates for General Insurance

Home Blog

/blog/category/general_insurance/page/2/
ROYAL COMMISSION RESPONSE: ANTI- HAWKING. 16 Apr 2019
Currently insurers are not permitted to offer financial products for issue or sale to retail clients in the course of or because of an unsolicited meeting at all, or in the course of a telephone call unless they have met certain requirements. The result is that there is virtually no cold-callin ..
DO RESPONSIBLE MANAGERS NEED ASIC APPROVAL? 10 Apr 2019
There is no legal requirement for ASIC to “approve” Responsible Managers (RMs), but that’s exactly what’s happening in practice. It’s now creating problems for licensees and RMs. The letter of the law Under the law, an RM is legally appointed from the date the AFS licensee det ..
HOW TO CAP YOUR CONTRACTUAL LIABILITIES. 05 Apr 2019
Insurance rarely covers all your contractual liabilities. The best way to know what you’re liable for under a contractual indemnity is to include a financial cap. A common problem with broad indemnity clauses is that you can be excluded from relying on your insurance policies or your l ..
ROYAL COMMISSION RESPONSE: CLAIMS AS A FINANCIAL SERVICE. 19 Mar 2019
This is the second blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/03/18/royal-commission-response-claims-financial) we look at the recommendation to regulate claims handling as a ‘financial service’, including: What the goal of the reco ..
DON’T LOSE TOMORROW’S LEADERS, LOCK THEM IN. 11 Mar 2019
As the level of M&A activity increases in the financial services industry post Royal Commission, it’s time to put in place incentives so you don’t lose key employees. Many business owners count on key employees being there to take over the reins. But often key employees leave to w ..
ROYAL COMMISSION RESPONSE: UNFAIR CONTRACTS. 04 Mar 2019
The Fold Legal has partnered with Finity to bring you a series of blogs responding to the Royal Commission. In this blog (https://www.finity.com.au/2019/02/27/royal-commission-response-unfair-contracts) we look at how the unfair contracts legislation may apply to insurance contracts, inc ..
IMPACT OF THE GDPR ON AUSTRALIAN BUSINESSES 05 Nov 2018
You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling i ..
THE FOLD WINS AT THE 2018 PROFESSIONAL SERVICES AWARDS. 30 Oct 2018
Winning awards is great, but it’s especially rewarding when they’ve been judged by our clients! That’s why we’re thrilled to have been named a winner in both the Insurance and Banking & Finance categories at the 2018 Professional Services Awards (https://www.professionalservicesawards.com.au ..
FOS / AFCA TRANSITION INVOLVES MUCH WORK FOR AFS LICENSEES. 27 Sep 2018
By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: #1 ..
RMs, CHANGE OF CONTROL AND THE QUESTION OF COMPETENCE. 06 Sep 2018
A change of control of an AFS licensee or credit licensee is not presently subject to approval by ASIC. The ASIC Enforcement Review Taskforce has recommended that this be addressed in its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-pow ..
download link
* Required