Christopher Johnstone, Kristi Riedel and Nola Pearce joined the Australian Insurance Law Association (AILA) to host a webinar on Wednesday 29 April 2020 called ‘A Lighthouse in the Fog? Impacts of the New Financial Accountability Regime on Policy Interpretation & Coverage’.
The speakers discussed how the government seeks to extend the Banking Executive Accountability Regime (BEAR) to all Australian Prudential Regulation Authority (APRA) regulated entities, and to make the Australian Securities and Investments Commission (ASIC) a joint administrator of the regime as recommended by the Hayne Royal Commission.
Questions addressed included, inter alia,:
- What is the Financial Accountability Regime (FAR), to whom will it apply and what will the obligations be?
- How will it affect financial lines insurance policies and what can insureds and insurers expect moving forward?
Further information is available here.