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Insurance Industry in Australia and Acts of Parliament - Essay Example
Author : ibotsford
Finance & Accounting
Pages 6 (1506 words)
Insurance Industry in Australia and Acts of Parliament Name: Institution: INSURANCE INDUSTRY IN AUSTRALIA AND ACTS OF PARLIAMENT Human beings have come a long way in the process of designing a scheme that alleviates risk and offers financial compensation if unexpected and adverse incident occurs…
In essence, the insurance industry in Australia offers insurance services to Australians in three major categories, which are: health insurance, life insurance and general insurance. Moreover, the insurance industry in Australia falls under the financial services sector. The above three categories of insurance are regulated by different acts of Parliament. In accordance with Australian pieces of legislation, the major Acts of Parliament that regulate the insurance industry are: (i) The Life Insurance Act (1995), (ii) The Insurance Act 1973 and (iii) The Corporate Act. The government bodies that enforce the above Acts are: “The Australian Taxation Office (ATO)”, “The Australian Securities and Investments Commission (ASIC)”, “The Superannuation Complaints Tribunal (SCT)” and “The Australian Prudential Regulation Authority (APRA)”. This paper provides a report on how the insurance industry in Australia is regulated by the relevant Acts of Parliament. A law in Australia entails an Act passed by the Federal Parliament as stipulated in the Australian Constitution, Acts passed by Legislative Assemblies and State Parliament, Ordinances created in relation to territories, Australian common law and statute laws (Australian Governement Comlaw 2009: 1). ...