Mlaanz Smdg Event Sydney 2016 (2)
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MARITIME LAW ASSOCIATION OF AUSTRALIA AND NEW ZEALAND ACN 054 763 923 ABN 97 054 763 923 MLAANZ c/- Clerk Young GPO Box 4770 Melbourne VIC 3001 AUSTRALIA www.mlaanz.org The Maritime Law Association of Australia and New Zealand Proposed reform of the Commonwealth Marine Insurance Act 1909 In February 2015 the UK enacted the Insurance Act 2015 which will come into effect in August 2016. That Act makes fundamental amendments to the UK Marine Insurance Act in relation to the key areas utmost good faith, disclosure, remedies for breach of contract and warranties. The substance of many of these amendments resembles to some extent the corresponding recommendations and draft Bill of the Australian Law Reform Commission review of 2001, and to some extent the corresponding provisions in the Commonwealth Insurance Contracts Act 1984. As the new UK legislation (like the ALRC draft Bill) adopts a more pro-insured approach it would seem probable that this will place the Australian marine insurance market at a competitive disadvantage and at real risk of losing business. It will also mean that Australian marine insurance law will become obsolete in relation to the changes to English marine insurance law under the UK legislation. With a view to maintaining the Australian marine insurance market in a competitive position, maintaining legal harmony with the UK marine insurance law and implementing key recommendations of the ALRC report, MLAANZ proposes a draft bill to amend the Commonwealth Marine Insurance Act 1909, and will present its proposal and consult with members and other stakeholders.
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MLAANZ Road Show n Marine Insurance
Transcript of Mlaanz Smdg Event Sydney 2016 (2)
MARITIME LAW ASSOCIATION OF AUSTRALIA AND NEW ZEALANDACN 054 763 923 ABN 97 054 763 923
MLAANZc/- Clerk YoungGPO Box 4770
Melbourne VIC 3001AUSTRALIA
www.mlaanz.org
The Maritime Law Association of Australia and New Zealand Proposed reform of the Commonwealth Marine Insurance Act 1909
In February 2015 the UK enacted the Insurance Act 2015 which will come into effect in August 2016. That Act makes fundamental amendments to the UK Marine Insurance Act in relation to the key areas utmost good faith, disclosure, remedies for breach of contract and warranties. The substance of many of these amendments resembles to some extent the corresponding recommendations and draft Bill of the Australian Law Reform Commission review of 2001, and to some extent the corresponding provisions in the Commonwealth Insurance Contracts Act 1984.
As the new UK legislation (like the ALRC draft Bill) adopts a more pro-insured approach it would seem probable that this will place the Australian marine insurance market at a competitive disadvantage and at real risk of losing business. It will also mean that Australian marine insurance law will become obsolete in relation to the changes to English marine insurance law under the UK legislation.
With a view to maintaining the Australian marine insurance market in a competitive position, maintaining legal harmony with the UK marine insurance law and implementing key recommendations of the ALRC report, MLAANZ proposes a draft bill to amend the Commonwealth Marine Insurance Act 1909, and will present its proposal and consult with members and other stakeholders.
The first presentation will be in Sydney with a video link to our members in Perth and Adelaide, with other presentations to follow in Brisbane and Melbourne.
Venue: Sydney courtroom No1 level 21, Perth courtroom 4, Adelaide courtroom 3
Date and time: 24 May 2016 at 4.30pm (Sydney Time)
Please register (for catering purposes) at: https://www.trybooking.com/LIJX
Why: Response to the UK Insurance Act 2015
How: Utilising ALRC Marine Insurance Act Review 2001 recommendations
What:
Utmost good faith Material non-disclosure and misrepresentation Warranties Remedies for breach of duty Cancellation
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Interest on late indemnity payments Inland waters and incidental air risks Cargo open or annual policies
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