The paper “ How Insurance Is Regulated by the Relevant Acts of Parliament in Australia” is a spectacular example of a case study on finance & accounting. This essay is a report outlining the legislative requirements of the insurance industry. It outlines how the insurance industry is regulated by the relevant Acts of Parliament. They are several legislative requirements in the insurance industry; these requirements are usually set by the parliament. Various acts of parliament have been established in Australia in relation to the insurance industry including the Insurance Act of 1973, the insurance contracts Act of 1984, the health insurance Act of 2007, and the insurance Act of 1995.
The Australian insurance law regulates insurance in Australia. The structure of the Australian insurance industry and the insurance needs of individual Australian citizens are quite unique and sophisticated. The insurance market in Australia can be broadly categorized into three basic components. These are health insurance, general insurance, and life insurance. All these components of the insurance market are fairly distinct. Larger insurance companies have been known to focus on only one type of insurance but these trends are currently changing because most insurers are now broadening their scope of services into general finance.
This has seen a lot of competition from banks, foreign financial conglomerates, and their subsidiaries as illustrated by Anderson (2001). Main BodyThe Australian insurance industry is therefore structured to include the three components of life, general, and health insurance. The life insurance component was traditionally made up of companies that were mutual. This trend changed in the 1980s and 1990s when most of these companies were demutualized. Other companies were owned by banks.
The insurers in Australia who deal with life insurance sell products that include disability income insurance and term life insurance. Some of the major insurance companies that provide life insurance include AXA, AMP Limited, Macquarie Life, MLC, and Allianz Australia. Other credit unions and friendly societies also sell life insurance according to Macintyre (2000).
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