General Insurance Advisory

MinterEllison’s general insurance advisory practice is widely recognised as pre-eminent throughout Australia. We have been trusted advisers to the general insurance industry, in Australia and overseas, for more than 50 years. In that time we have seen dramatic change sweep the industry in terms of the leading players and the regulatory and legal landscape. Our understanding of those developments adds significant weight to our advice.

Our clients include insurers, insureds, underwriting agencies, brokers and agents, other intermediaries and loss adjusters/assessors. Our client insurers are locally based and international (e.g. the Lloyd’s market and US insurers) and include primary and excess layer insurers, and reinsurers. Our client insureds include leading Australian organisations and multi-national corporations.

Our work covers policy work (drafting policies, legal compliance reviews and sign-offs, ‘Australianising’ overseas wordings), regulatory change and compliance, distribution, transactions (mergers and acquisitions, and Part 9 and Div 3A transfers), and corporate risk and risk management.

We cover all areas of general insurance in the retail and wholesale segments. Specialist expertise includes financial lines (e.g. directors and officers, professional indemnity, investment managers), medical malpractice, property, liability, products, workers’ compensation, asbestos, marine and aviation. We also advise on less common or emerging products in industries such as information technology, mining, energy, health/pharmaceuticals, telecommunications and construction.

We advise our corporate clients on their insurance programmes, and insurance and indemnity provisions in contractual documentation and in due diligence exercises as part of major transactions.

We are also strong supporters of the insurance industry through our participation in and leadership positions held at industry bodies such as the Australian and New Zealand Institute of Insurance and Finance, Insurance Council of Australia, Australian Insurance Law Association, Australian Professional Indemnity Group, Generation i and Women in Insurance.

23 May 2013

On 9 May 2013 the Australian Prudential Regulation Authority released draft Prudential Standard CPS 220 – Risk Management, draft updated Prudential Standard CPS 510 – Governance and accompanying Discussion Paper – Harmonising Cross-Industry Risk Management Requirements, for public consultation. The standards affect ADIs and life and general insurers. APRA has proposed the cross-industry standards as part of its broader harmonisation and consolidation process, which has already seen the implementation of harmonised prudential standards on outsourcing, business continuity management, governance and fitness and propriety. However, in addition to harmonisation, the standards also include significant new risk management governance requirements.

9 August 2012

APRA has released a letter setting out additional proposed changes to the existing proposed changes to the reporting standards as a result of the review of capital standards for insurers.

19 June 2012

The Insurance Contracts Amendment Regulation 2012 (No.1) (Cth) was made on 14 June 2012 and registered on 18 June 2012.

29 February 2012

Today the Minister for Financial Services and Superannuation, Mr Bill Shorten, announced the release of a discussion paper Key Facts Sheet: Home Building and Home Contents Insurance Policies.

12 December 2011

APRA has released its response to submissions (Response Paper) on its life and general insurance capital review (LAGIC) along with draft Prudential Standards.