Wrongs Amendment Bill 2015 - update
The Wrongs Amendment Bill 2015 was passed yesterday. It is expected to receive Royal Assent on Tuesday, 17 November 2015 and to come into force the following day.
The new provisions (which include an increased cap on general damages, new general damages thresholds and an amendment to the cap on economic loss) will apply to new claims, as well as proceedings already on foot but not resolved prior to the commencement date. Insurers may therefore have to reassess the reserves held against certain existing claims affected by these amendments.
Further information on the new provisions is available here.