The Law Handbook 2024

Chapter 10.4: Insurance 963 directly or through AFCA. However, if an insurer has engaged in misconduct, ASIC has regulatory powers and enforcement tools at its disposal. As discussed in this chapter, ASIC’s powers have been bolstered since the Hayne Royal Commission. For ASIC’s contact details, see ‘Contacts’ below. Privacy Act The Privacy Act 1988 (Cth), as amended by the Privacy Amendment (Private Sector) Act 2000 (Cth), regulates how private sector organisations (including insurers) handle ‘personal information’ relating to policyholders. Organisations are required to comply with the 10 Australian Privacy Principles, which set minimum standards for collection, storage, use, security and disposal of personal information. The federal Privacy Commissioner has released guidelines to assist insurers and policyholders with their privacy concerns. For more information, see Chapter 12.2: Privacy and your rights. More information Insurance law is technical and nearly always depends on interpretation of particular policies. The IC Act assists policyholders interests, but it has also made insurance law more complicated. There are several reference books in the field. Readers are specifically referred to The Australian and New Zealand Insurance Reporter (CCH Australia Ltd), and Pynt’s Australian Insurance Law: A First Reference , 3rd edition (LexisNexis). These publications are detailed and up- to-date sources of information. Contacts Australian Financial Complaints Authority (AFCA) Tel: 1800 931 678 Email: info@afca.org.au Web: www.afca.org.au Australian Securities and Investments Commission (ASIC) Tel: 1300 300 630 Web: www.asic.gov.au Insurance Council of Australia Tel: (02) 9253 5100; 1300 728 228 Web: www.insurancecouncil.com.au The Insurance Council of Australia is the representative body of the general insurance industry in Australia. National Insurance Brokers Association (NIBA) Tel: (02) 9964 9400 Email: niba@niba.com.au Web: www.niba.com.au NIBA is the peak body for insurance brokers in Australia. Victorian Civil and Administrative Tribunal (VCAT) Tel: 1300 018 228 Email: civil@vcat.vic.gov.au Web: www.vcat.vic.gov.au