The Australian insurance law is the set of laws or regulations governing the insurance industry and the insurance contracts entered into by parties or individuals in Australia. The insurance law mainly refers to three main acts, namely, the Insurance Act of 1973, the Insurance Contracts Act of 1984, and the Corporations Act 2001.
What is Insurance Law?
The insurance law can refer to a number of legislations enacted by the state of Australia but the main acts that this refers to are the Insurance Act of 1973, the Insurance Contracts Act of 1984, and the Corporations Act of 2001. The Insurance Act of 1973 requires companies and individuals who want to enter the insurance market to have minimum levels of capital and solvency. On the other hand, the Insurance Contracts Act of 1984 is intended to regulate insurance contracts having Australian connection and to make sure that a fair balance is made between the interest of the insured and the insurer. Meanwhile, the Corporations Act of 2001 regulates the methods by which insurers, insurance agents, and brokers conduct their business and deal with people with whom they intend to have business with or with whom they have business with.
Who Needs Insurance Lawyers?
Obviously, people who need the services of insurance law firms and insurance lawyers are those people who are facing disputes involving insurance including health and disability insurance, life insurance, health insurance, boat and equipment insurance, motor vehicle insurance, umbrella policies and other personal lines insurance, commercial insurance coverage and errors and omissions policies and many other types of insurance.
The services of the insurance law firms and insurance lawyers can be beneficial to these people as insurance lawyers and law firms can interpret policies, help them file claims, represent them in negotiations with insurance adjusters, companies, and carriers, and represent them in litigations in court.
If you are in need of assistance and advice on insurance policies and need help in settling insurance disputes, the expertise of the insurance law firms and insurance lawyers can help you.