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Life Insurance Bulletin - April 2020

Welcome to the first edition of the Life Insurance Bulletin for 2020

Welcome to the first edition of the Life Insurance Bulletin for 2020 including vital updates on how our courts and tribunals are responding to COVID-19. More generally, there is still a lot going on in life insurance with the life relevant FSRC legislative reform and UCT moving ever closer to law and a start date. There are also plenty of life cases of interest and you will see that AFCA has adopted a new position with respect to the interpretation of trauma terms that all trauma insurers will need to grapple with.

CONTENTS

Impact of COVID-19 on Courts and Tribunals

Financial Services Royal Commission Fallout – Proposed changes to the disclosure requirements and remedies under the Insurance Contracts Act

AFCA disregards policy trauma definition – Says fairness requires benefit to be paid despite definition not being met - Case 607118

Unfair contract terms regime to apply to life insurance policies from 5 April 2021

TPD Intense scrutiny of decline letters continues - Sandstrom v FSS Trustee Corporation & Anor [2020]

Financial Services Royal Commission Fallout - Claims handling as a Financial Service

Federal Court considers issue of when a TPD benefit is payable – Also considers Interest - Chapman v QSuper Board [2020]

Death Claim – Act of murder ‘forfeits’ joint policy owner’s right to a benefit - Westpac Life Insurance Services Limited v Mahony (No 3) [2020]

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