Colin Biggers & Paisley

Proposed General Insurance Financial Claims Scheme Disclosure Requirements

The Financial Claims Scheme (FCS) was set up in October 2008 and was designed to protect certain policyholders and other claimants (certain individuals, small businesses, family trusts and not-forprofit organisations) from the insolvency of general insurers authorised under the Insurance Act 1973 (Cth) (Authorised Insurers).

On 15 January 2010 draft Regulations were released for public comment (until 16 February 2010) which contained the proposed FCA disclosure requirements that will apply from 17 April 2010.

Queensland Office of State Revenue’s decision on insurance Stamp Duty refunds flowing from Qantas Case

We refer to our NewsFlash of 3 December 2009 in which we indicated that the Queensland Office of State Revenue (QLD OSR) was yet to provide a view on how it would take the Qantas case into account concerning the historical and on going payment of stamp duty under the Duties Act 2001 (Qld) (QLD Duties Act) for insurers not authorised under the Insurance Act 1973 (Cth) to carry on insurance business.

QLD OSR has now released details of its decisions that flow from the Qantas case.

Gary Newton was involved in the drafting of a proposed National Uniform Torrens Legislation for Australia

There is a proposal in Australia to have uniform Torrens Legislation apply across the country. At present there are eight different Torrens title systems which, although similar, are not identical.

The introduction of the uniform system will hopefully take the best from each of the systems and also allow for easier dealings in property across state borders in Australia. It will also assist the national electronic conveyancing and other property initiatives which are also being developed.

Overview of the new Financial Ombudsman Service (FOS) Terms of Reference (TOR)

FOS is one of the external dispute resolution (EDR) schemes approved by ASIC under Chapter 7 of the Corporations Act 2001 (Cth) (Corporations Act) and provides EDR services for up to 80% of Australian banking, insurance and investment disputes.

After a long period of consultation a new single set of TOR has been approved by ASIC and FOS.