International focus
The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 passed Parliament last week and received royal assent shortly after.
Publications
Publications
Case notes: Insurance Premium Tax on cross-border M&A insurance: ECJ decision on location of risk
The Court of Justice of the European Union (CJEU) has delivered its decision in A Ltd, a case concerning the location of insured risk, and therefore which jurisdiction can charge IPT, on cross-border M&A insurance policies.
Case notes: Section 54 cannot cure what you didn’t know or didn’t exist
The recent NSW Supreme Court decision in DIF III – Global Co-Investment Fund LP v Babcock & Brown International Pty Limited ruled that section 54 the Insurance Contracts Act 1984 (Cth) (ICA) did not cure a lack of notification of circumstances if those circumstances were not known during the policy period.
Case notes: Landmark ruling on mesothelioma claims in UK Court of Appeal
The Court of Appeal in the United Kingdom has handed down judgment in the case of Equitas Insurance Limited v Municipal Mutual Insurance Limited - the first reinsurance case before the courts to consider the presentation of reinsurance claims arising out of mesothelioma liabilities in the context of the Fairchild enclave.
Case notes: Part VII judgment puts life-transfers in the spotlight
The usually predictable world of portfolio transfers received a jolt on 16 August when Mr Justice Snowden declined to exercise his discretion to sanction the proposed insurance business transfer of a £12.9 billion book of in-payment annuities from The Prudential Assurance Company Limited (Prudential) to Rothesay Life Limited (Rothesay).