News

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

The Full Court of the Federal Court of Australia’s recent ruling on the interpretation of policy language in business interruption policies during COVID-19 has been acknowledged by the Insurance Council of Australia (ICA), who also made the announcement. The High Court has asked to hear arguments regarding applications for special leave to appeal.

ALSO, READ Climate Change Events Increasing Claims Paid In Australia

This second business interruption test case follows the first test case concerning the application of the Quarantine Act exclusion to business interruption plans that was heard in the NSW court of appeal in 2020.

On February 21, 2022, the Full Court of the Federal Court issued its ruling, which mostly backed the insurers’ arguments on four of the five issues in the test case that were the subject of the appeal. The Full Court determined that in those four cases, the insurers were not required to defend the policyholders.

INVEST IN IRAs, SECURE YOUR FUTURE

ALSO, READ National Industrial Court Fines CBN For Delayed Pension Arrears Payment

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

Two policyholders filed requests for special leave to appeal to the High Court in March 2022.

The insurer IAG also submitted a request to determine if JobKeeper payments should be included in any calculations for insurance payments.

According to the agreement made as part of the decision to reach a conclusion through test cases, the industry will cover the costs of the policyholders in these special leave applications and any subsequent appeals. The Federal Court file has additional information.

ALSO, READ Central Bank of Nigeria Asks Court To Freeze 157 Accounts Of Companies In Power Sector

The High Court indicated that the oral hearing will not be listed before October 2022 at the earliest.

ICA Acknowledge High Court’s Request For COVID-19 BI Hearing

Andrew Hall, CEO of the Insurance Council of Australia, stated, “The Insurance Council and insurers acknowledge the High Court’s request to hear oral arguments on the applications for special leave to appeal parts of the judgment of the Full Court of the Federal Court of Australia.”

ALSO, READ How To File A Claim For Your Retirement Benefits (UPDATED)

“We recognise this has been a particularly difficult time for many small businesses and we sought the courts’ determinations to establish the principles necessary to minimise disputes.”


AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.

Website | + posts

I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

IBEH C. JOE

I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

Leave a Reply

Back to top button
%d bloggers like this: