Legal
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The work always faced obstacles to rapid progression, with the second wave insurmountable.
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The call for evidence forms part of a five-year review of the pool’s remit.
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The settlement will have a net impact of less than $36mn on the carrier in the six months to year end.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance. -
The carrier said it did not intervene earlier so that it didn’t “clutter up the procedure”.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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The scheme currently expires at year end.
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The case started in Sydney today, with the Insurance Council of Australia arguing that the intention of pandemic exclusions in commercial property policies is clear.
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The scheme’s operational independence was thrown into doubt earlier this year when the mutual was reclassified as a public sector entity.
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Insurers argue that the judgment shows that downturns prior to the occurrence of the insured peril can be accounted for.
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The regulator, the Hiscox Action Group and seven carriers will seek leave on Friday to appeal the High Court judgment directly to the Supreme Court.
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The Bronek Masojada-led carrier says it has yet to decide whether to challenge the High Court ruling.
