Category | Compliance & Regulation

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  

Medical Definitions Influence Advisers’ Choice of Insurer

The early results of our latest poll suggests advisers are more likely to consider recommending products from an insurer which updates its medical definitions on a more frequent basis. (more…)

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0 · September 25, 2018 in Compliance & Regulation, General, Polls  
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Royal Commission Finds Insurers Open to Multiple Breaches

The Banking Royal Commission has concluded its hearings into the life insurance sector after being told the three life insurers who provided testimony were likely to have breached the Corporations Act multiple times. (more…)

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0 · September 24, 2018 in Company News, Compliance & Regulation, Products, Remuneration, Services  

Do Medical Definitions Impact Your Choice of Insurer?

Our latest poll is seeking your views as to whether  you are more likely to consider recommending products from an insurer which updates its medical definitions on a more frequent basis? (more…)

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1 · September 18, 2018 in Compliance & Regulation, General, Polls  
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ClearView Clarifies Royal Commission Testimony

ClearView Life has written to financial advisers explaining that its recent testimony at the Banking Royal Commission applied to a closed direct life business and provided them with a form letter for clients highlighting the difference with advised retail insurance. (more…)

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0 · September 18, 2018 in Company News, Compliance & Regulation, Products, Services  
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ASIC Deputy Chair to Resign

The Deputy Chair of ASIC, Peter Kell, has announced his resignation from the regulator six months after the Federal Government extended his appointment for another year. (more…)

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1 · September 18, 2018 in Appointments, Compliance & Regulation  
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AMP Deducted Premiums From Deceased Policy Holders

AMP has told the Banking Royal Commission that it deducted life insurance premiums from the superannuation accounts of people who have died, even when notified of the person’s death, and repaid the premiums from the death benefit. (more…)

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· September 17, 2018 in Compliance & Regulation, Products, Services, Superannuation  

ASIC Commences Court Action Against Dover, McMaster

ASIC has commenced court action against Dover Financial Advisers and its sole director, Terry McMaster alleging they misled and deceived clients. (more…)

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3 · September 17, 2018 in Company News, Compliance & Regulation, Dealer Groups  

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