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Category | Claims

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OnePath Named as Consumer’s Choice

OnePath has been named as the leading life insurer among consumer policy holders and claimants at the third annual Consumer Choice Awards. (more…)

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0 · November 16, 2018 in Associations, Claims, Conferences and Events, Products  

Revised FSC Life Code to Cover All Distribution Channels

The Financial Services Council (FSC) has released a draft of the second version of its Life Insurance Code of Practice (LICP) which it intends will apply to all distributors of the products of a life insurer. (more…)

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0 · November 13, 2018 in Associations, Claims, Compliance & Regulation, Products, Remuneration, Services, Underwriting  
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PJC Rejects Proposal for Insurer Funded Rehabilitation

A proposal to allow life insurers to pay for treatments not covered by health insurance or Medicare has been rejected by a Parliamentary Joint Committee (PJC), which claimed it could create conflicts of interest and may disadvantage consumers. (more…)

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0 · October 25, 2018 in Associations, Claims, Products, Services  
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APRA to Release Insurer-Specific Claims Data in 2019

Consumers will have access to insurer-specific information relating to the claims and disputes by early 2019, according to APRA, which has released the final version of its reporting standard to the life insurance sector. (more…)

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1 · October 25, 2018 in Claims, Compliance & Regulation, Products  
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Royal Commission Does Not Understand Risk Advice – AFA

The AFA has claimed the Financial Services Royal Commission has not fully understood the nature of financial advice, nor the role of commissions in the remuneration of adviser, and will push to improve the latter’s view of these issues. (more…)

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2 · October 2, 2018 in Associations, Claims, Compliance & Regulation, Products, Remuneration, Services  
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Royal Commission Questions Ongoing Use of Life Insurance Commissions

The Banking Royal Commission has questioned why life insurance commissions should remain as a carve-out to the conflicted remuneration provisions of the Corporations Act and why they should not continue to be reduced to zero. (more…)

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13 · September 26, 2018 in Claims, Compliance & Regulation, Products, Remuneration, Services  
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Insurers Report Code Breaches But No Sanctions

The body tasked with enforcing the FSC’s Life Insurance Code of Practice (LICP) made no sanctions against any life insurer in its first year, despite being aware of 25 breaches of the Code and receiving more than 700 breach allegation referrals. (more…)

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0 · September 25, 2018 in Associations, Claims, Compliance & Regulation, Products, Services  
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Major Insurers Lacked Definition Review Processes

Most major life insurers did not have formal and regular processes to review medical definitions until at least 2016 with four insurers only introducing the processes last year, according to evidence presented to the Banking Royal Commission. (more…)

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2 · September 18, 2018 in Claims, Company News, Products  

Insurer Conduct In Commission Crosshairs

The Financial Services Royal Commission has concluded the first week of hearings into the life insurance sector, repeatedly questioning whether the actions of insurers could be considered as misconduct under law or ‘falling below community standards and expectations’. (more…)

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1 · September 17, 2018 in Claims, Company News, Compliance & Regulation, Products, Services  
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Commission Details Potential Life Insurer Misconduct

Major insurers offering products into the retail advised life insurance market have presented a lengthy list of possible misconduct to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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2 · September 11, 2018 in Claims, Company News, Compliance & Regulation, Products, Remuneration, Services