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Wide-Ranging Reform Proposed by Review
Having concluded its review of the Insurance Contracts Act, a federal government panel has now issued a proposed draft of the Insurance Contracts Act Amendment Bill. The panel has paid particular attention to Sections 40 and 54 of the act. The proposed bill may still be amended following comments from stakeholders.
Two court cases have confirmed that insurers can deny indemnity and refuse to pay defence costs where they seek to rely on an exclusion clause applicable to dishonest and fraudulent conduct under a directors and officers liability policy. Although different policy wordings may produce different results, the structure and wording of the policies in these cases was not uncommon.
