find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Corporate Lawyer
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· 12 months fixed term opportunity
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Brisbane firm advises on new PNG insurance laws

Brisbane firm advises on new PNG insurance laws

A Brisbane law firm is advising the Papua New Guinean Insurance Commission in a bid to introduce new insurance contracts legislation in the country.

Barry Nilsson Lawyers has been working with the Commission as it plans to introduce the legislation in what is being described as a need to provide foreign investors and local businesses with financial stability and security in a growing economy.

The firm’s insurance and health partner, Robert Samut, is leading the team.

“The reason for the introduction of such legislation is due to the fact that the insurance industry is unique in so many ways. Unlike any other business, insurers are in the business of selling promises,” he said.

“Their promise is to pay a claim, or for example replace certain property should certain events occur. How do you sell a promise? You wrap it up in an insurance contract.”

“It is the insurance policy that you hand to the consumer that contains this intangible, invisible promise. What the proposed General Insurance Contracts Bill does is give that promise a protective coating,” Samut said.

The firm itself said PNG is experiencing a resources boom which has the potential to provide them and their 6 million residents with a standard of living far beyond what they have today.

A recent announcement by ExxonMobil confirms an $18billion investment in liquefied natural gas in PNG with more gas projects looking increasingly likely.

This announcement, added to the existing production in major gold, nickel and copper projects and a visionary plan to pipe water from PNG to Queensland, and you have a small country on the verge of big things.

The PNG Insurance Commissioner now aims to provide a market where insurers can transact business freely with consumers who have confidence in the policies which they are acquiring.

Samut, with consultant Samantha Traves, have travelled to PNG to facilitate seminars for attendees from insurance, legal and consumer groups to ensure they are able to hear about and have their say on the draft laws.

The most recent seminar on 29 July saw 150 stakeholders attend.

“At the end of the day, Papua New Guinea will have one of the most effective pieces of insurance contracts legislation anywhere in the world as a result of the learnings we’re able to pass on to them from the Australian legislation,” said Samut.

Submissions will be accepted from the industry until mid September 2010 with a view to introducing the new legislation in early 2011.

PNG is looking at introducing this legislation at the same time as the UK is also starting to look at the reform of its insurance contracts laws, the firm also noted.



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Brisbane firm advises on new PNG insurance laws
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Warning
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by The way we do business, where we work, how we engage with workers, even how we take a...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...