Review of the Insurance Contracts Act , Australian Government, Department of the Treasury

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Panel Members

The Panel comprises Mr Alan Cameron, A.M. (Chairman), and Ms Nancy Milne.

Mr Cameron has extensive experience in both the public and private sector, including eight years as Chairman of the Australian Securities and Investments Commission and its predecessor, the Australian Securities Commission. Ms Milne is a specialist insurance and reinsurance lawyer and a partner with Clayton Utz. The depth and breadth of the experience possessed by the review panel will enable it to deliver well-considered recommendations for any amendments to the Act.

Alan Cameron

Alan Cameron, A.M.

Alan Cameron, A.M., was chairman of the Australian Securities and Investments Commission (ASIC) and its predecessor, the Australian Securities Commission, for almost 8 years, from January 1993 to November 2000. He was made a Member of the Order of Australia (A.M.) in 1997.

Alan qualified as a lawyer, worked in Aboriginal Legal Aid, and taught law in Indonesia, before embarking on his career as a corporate lawyer with the major Australian law firm now known as Blake Dawson Waldron. He was managing partner of that firm for a total of 5 years, and was Chairman of the Business Law Section of the Law Council of Australia and a member of the executive of the Law Practice Management Section. During the 1980s, he was a director of several listed companies in Australia and New Zealand, as well as of other trading and investment companies.

Alan left the private sector in 1991 to become the Australian Ombudsman, a position he relinquished at the end of 1992 to join the ASC (as it then was). While at ASIC, Alan was a member of the Companies and Securities Advisory Committee, the Council of Financial Regulators, and of the board of the sister regulator established in 1998, the Australian Prudential Regulation Authority.

He has now taken a variety of positions. He is

  • a consultant with Blake Dawson Waldron (Australian Lawyers),
  • Deputy Chairman of SFE Corporation Limited, a listed company which operates the Sydney Futures Exchange
  • a director of Westpac Financial Services Group Limited, as well as chairman of its managed investments compliance committees
  • chairman of Cameron Ralph Pty Limited, (a board performance assessment business newly established with some former ASIC colleagues)
  • a member of the PricewaterhouseCoopers Audit Standards Oversight Board,
  • a director of the Public Interest Advocacy Centre
  • an adviser to the major Australian law firms on regulatory issues concerning the legal profession, and
  • a member of the NSW Judicial Commission.

He is consulting to international organisations and the private sector on regulatory, corporate governance and related issues. He chairs the OECD Annual Roundtable on Asian Capital Markets. Most recently, he has been involved in the IMF's assessments of the regulatory system for securities markets in the United Kingdom and Japan, and led an expert group appointed by the Hong Kong government to review its system of market regulation.

Nancy Milne

Nancy Milne

Nancy Milne is a specialist insurance and reinsurance lawyer. Prior to joining Clayton Utz in 1997, Nancy was an insurance/ financial services specialist with another leading law firm for almost 12 years. She acts for insurers, insureds, regulators, government bodies and professional organisations.

Nancy provides advice in connection with insurance regulation (life, general and reinsurance) and insurance and reinsurance disputes.

She is also an experienced commercial litigator, and has acted in a number of leading insurance coverage disputes. In 1996 she was appointed an acting Judge of the District Court of New South Wales.

In the earlier part of her career Nancy acted predominantly for insurers, and gained experience in relation to a variety of insurance policies. Since joining Clayton Utz, Nancy has utilised her specialist insurance skills for the benefit of the firm's corporate and government clients. She regularly provides advice on insurance arrangements and claims.

Areas of Expertise

  • general insurance
  • life insurance
  • reinsurance
  • regulation of life & general insurers and reinsurers
  • corporate governance
  • compliance
  • insurer insolvency
  • professional indemnity
  • directors' and officers' liability and insurance

Relevant Matters / Accomplishments

Nancy currently heads the Insurance Practice Group at Clayton Utz. Experience includes:

  • Providing advice to Treasury in connection with the HIH Claims Scheme and the Terrorism Reinsurance Pool.
  • Acting in some major insurance and reinsurance disputes (most recently in connection with film finance insurance).
  • Advising corporate and government clients on risk management and insurance issues.
  • Independent reports for ISC on recent life company demutualisations.
  • She consulted extensively on the Life Insurance Act 1995, and made submissions on the draft Managed Investments legislation.
  • Acting for the judicial manager of Occidental & Regal, two collapsed life insurers
  • Extensive advice on compliance issues and product development for a number of life and general insurers.

Relevant Publications / Presentations

Nancy regularly contributes insurance related articles to the Insurance Law Bulletin, Insurance Broker, Insurance and Risk, Charter, Company Director and other publications.

Nancy also regularly presents insurance related topics and seminars. Most recently she presented a paper on directors' and officers' liability insurance to the Australian Institute of Company Directors (19 August 2003).

She is responsible for Clayton Utz's Risky Business Seminar series which commenced in 1998.

Professional Affiliations

Member, Australian Institute of Company Directors

Member, Australian Insurance Law Association

Member, International Insurance Society

Vice Chair, Insurance Committee, International Bar Association (Business Section) 2002

Qualifications

Bachelor of Laws (University of Sydney) 1974

Admitted to practise in:

  • 1974 Supreme Court of New South Wales
  • 1974 High Court of Australia
  • 1991 Supreme Court of Victoria
  • July 1996 to June 1999 Acting Judge of District Court NSW

Directorships

NRG Victory Australia Ltd, 1994 -

NRG Victory Australia Holdings Ltd, 1994 -

Deutsche Life Limited, 1996-1999

Munich Re Australasia Limited, 1999 -

Zurich Financial Services Australia Limited, 1999 -

Zurich Australian Insurance Limited

Zurich Australia Limited

Zurich Australian Superannuation Limited

Accountants Superannuation Fund Nominees Limited

Clayton Utz 2000-20002 (elected to position)

Employment History

Partner, Clayton Utz April 1997 to

Partner and Senior Associate, Phillips Fox July 1995 to April 1997

Employed solicitor and partner, Murphy & Moloney 1976 to 1995

Solicitor, New South Wales Crown Solicitors Office 1975

Article Clerk and Solicitor, Hall & Hall 1972 to 1975