Royal Commission to Call on Insurers to Provide Evidence

Four major life insurers have been slated to appear before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry which will take place from 10 September.

The Commission announced that it was now accepting applications for leave to appear in the sixth round of hearings, which will last for two weeks and will include an examination of the life and general insurance markets.

Of the six life insurance case studies listed on the Commission’s website, four major life insurers – AMP, ClearView, CommInsure and TAL – are listed as appearing, alongside superannuation fund REST and direct insurance provider, Freedom Insurance.

The Commission website stated the hearings will consider issues associated with:

  • the sale and design of life insurance and general insurance products
  • the handling of claims under life insurance and general insurance policies
  • the administration of life insurance by superannuation trustees

The hearings will also examine the appropriateness of the current regulatory regime for the insurance industry with the Financial Services Council set to appear during those hearings.

The website also stated the Commission would deal with the issues listed by reference to case studies, and evidence will be given by consumers of their particular experiences, and further topics may be included before the hearings commence.

Specific representatives of the companies listed above have not been named by the Commission at this point.