CommInsure to be Sold to AIA

The Commonwealth Bank (CBA) will sell its Australia and New Zealand life insurance businesses, CommInsure Life and Sovereign, to the AIA Group for $3.8 billion. (more…)

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8 · September 21, 2017 in Breaking, Company News  

AFA Seeks Clarity on ASIC Churn Comments

The AFA has called for clarity around reports on the quality of advice and the level of churning after conflicting messages have sent by ASIC in recent weeks. (more…)

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8 · September 19, 2017 in Associations, Claims, Compliance & Regulation  

Future Advice Review Requires Transparency

Any future reviews of life insurance advice should be undertaken using an agreed industry definition for lapse and churn and should include a random sample of advisers, according to the AFA. (more…)

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1 · September 19, 2017 in Associations, Compliance & Regulation, Products, Remuneration  

New CommInsure Platinum IP Option

A new Platinum IP product option headlines a range of enhancements in CommInsure’s latest product upgrade. (more…)

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0 · September 19, 2017 in Products  

AMP Confirms Closure of FLP Range

AMP has confirmed it will close its Flexible Lifetime – Protection product range to new applications at the end of September. (more…)

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0 · September 19, 2017 in Products  

Commission Caps, Tougher Clawbacks Won’t Lead to Better Advice – Poll

Our latest poll suggests most advisers think the Life Insurance Framework reforms will do nothing to deliver better outcomes for consumers. (more…)

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· September 19, 2017 in Compliance & Regulation, Polls, Remuneration  

News in Brief

AMP Launches LIF Resource Hub; Adviser Caught Out Over AFSL Application; Old Dispute Schemes to Overlap With New (more…)

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0 · September 19, 2017 in Company News, Compliance & Regulation, Practice Management  

Advisers Can Meet Degree Requirements Before 2024

Financial advisers still have sufficient time to meet new academic qualification requirements but will need to engage in a disciplined approach to be able to study and work, according to Mentor Education. (more…)

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4 · September 19, 2017 in Compliance & Regulation, Training  

Claims Are Not Rare Event – ASFA

Life insurance claims were not rare with around 1 in 20 people making a TPD or death benefit claim, according to the Association of Superannuation Funds of Australia (ASFA), which also claimed group life was a better vehicle for people to secure insurance. (more…)

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0 · September 18, 2017 in Claims, Superannuation  

Super Fund Offers Opt-In Insurance Arrangements

AustralianSuper will introduce an opt-in arrangement for life insurance for people joining the fund who are under 25, in an effort to stop account balance erosion. (more…)

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2 · September 18, 2017 in Claims, Products, Superannuation