The regulation of life insurance and superannuation investments in Australia
Article Abstract:
Life insurance and superannuation investments are closely related in Australian law because most superannuation is in the form of investment in life insurance or sold by companies specializing in life insurance. Regulation of life insurance sales takes place via two routes: statutes specifying civil liability actions and remedies available to investors and statutes specifying administrative guidelines with which life insurers must comply. The first kind provide little abuse deterrence and almost all need revision while the methods actually in place to enforce the second are rather effective.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1993
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Conflicting signals for the trustees' duty to invest
Article Abstract:
Australian law establishes that trustees owe a duty of investment only to the beneficiaries of the trust. This fiduciary duty requires trustees to maximize the return on investment within the parameters set forth in the trust. UK case law has established that the trustee generally has broad discretion in selecting particular investments as long as the investments are consistent with the objectives set forth in the trust documents. Australian courts may be inclined to establish a more affirmative duty that is less deferential to trustee discretion.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1996
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"Caveat investor": the ethical investment of superannuation in Australia
Article Abstract:
Australia should amend its superannuation law to resolved investment uncertainties, including the liability of trustees who make ethical investments. Section 62 of the Superannuation Industry (Supervision) Act 1993 states funds must be maintained solely for benefits, but some courts have applied a dominant purpose test rather than a sole purpose test. The dominant purpose test would allow trustees to make ethically considered investments, if legislation is amended to allow it.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1997
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