Category | Products

Commission Concerns Overlook LIF and Best Interest Duty

The AFA has written to members informing them that large figures quoted at the Banking Royal Commission related to life insurance commissions overlooked legal obligations for advisers and equate to only $65,000 a year per adviser. (more…)

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0 · September 25, 2018 in Associations, Products, Remuneration, Services  

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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FSC Head Unclear on Breakdown of Adviser Commissions

The head of the Financial Services Council has struggled to clearly articulate the relationship between financial advisers and life insurers as well as the role of commissions in the purchase of life insurance products. (more…)

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0 · September 24, 2018 in Associations, Products, Remuneration, Services  

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  

PPS Mutual Releases Updated Definitions

Specialist life insurance company, PPS Mutual has updated a number of medical definitions for serious medical conditions and expanded some of the benefits within its Professionals Choice product range. (more…)

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0 · September 24, 2018 in Appointments, Company News, Products  
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NEOS Life Full Retail Market Launch

New industry player, NEOS Life*, has announced it is preparing for a full launch into the retail advised life insurance market. (more…)

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0 · September 19, 2018 in Company News, 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  
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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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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  

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