In this edition, we examine the most important development for insurance law in New Zealand in a century. The exposure draft of the Insurance Contracts Bill proposes fundamental and long overdue changes.
Perhaps of equal importance to life and health insurers, we look at the Government’s proposed social unemployment scheme and its likely effect upon the income protection insurance market. Change is also afoot for general insurers, as we report upon the Government’s recent about-turn in signalling significant changes to the Fire and Emergency Services levy regime that was to come into force in 2024.
We also provide an update on the COVID-19 Business Interruption class actions, including the much-awaited decision of the Full Court of the Federal Court of Australia in the “second test case”, LCA Marrickville Pty Ltd v Swiss Re International, as well as recent New Zealand High Court decisions regarding the settlement and management of insurance class actions.
Our experts discuss the implications of these cases and more in this edition of Cover to Cover.
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