This background paper deals with some general insurances. It does not cover health insurance or life insurance. It does not cover specific types of insurance, including workers’ compensation and compulsory motor vehicle third party.
There is some, but limited, discussion of the work and function of insurance agents and brokers. The majority of the discussion relates to insurers.
The aim of the paper is to give the reader a guide to the law, regulation and practices in general insurance in Australia. It is a large topic. We have indicated some further reading where appropriate. The importance of regulation in the work of the Commission means that the part dealing with regulation is much longer than the others.
A number of insurance or unusual words and expressions are described or defined in the Glossary.