AFA, FPA Move to Become Code Monitoring Bodies

The FPA and AFA have lodged expressions of interest with ASIC to become a Code Monitoring body by the start of 2020. (more…)

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0 · November 2, 2018 in Associations, Compliance & Regulation, Training  

SMEs Under-Insured But Open to Advice

Small to medium enterprises (SME) were more engaged with life insurance than consumers but still remained under-insured, according to a new report released by MetLife Australia. (more…)

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0 · November 1, 2018 in General, Products, Services  

Life Insurers Place Halt on Use of Genetic Tests

Life insurers will introduce a five-year moratorium on the use of genetic test results within life insurance applications but will maintain limits on cover where the halt will apply. (more…)

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1 · November 1, 2018 in Associations, Underwriting  

No Cut-Off Date for ADFP Credits

The Financial Adviser Standards and Ethics Authority (FASEA) will not impose cut-off dates when applying credits for prior learning undertaken as part of the Advanced Diploma of Financial Planning (ADFP) but will instead consider the quality of the coursework completed. (more…)

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0 · October 30, 2018 in Compliance & Regulation, Training  

TAL Accelerated Protection Upgrades

TAL has announced a series of upgrades to its Accelerated Protection product series including reduced premiums for Life and TPD cover and a range of revised definitions for its Critical Illness cover. (more…)

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0 · October 30, 2018 in Products  

Satisfaction With Life Insurance Falls Again

Consumer satisfaction with life insurance has declined marginally in the past 12 months but has fallen below that of any other major household or personal insurance, according to data released by Roy Morgan Research. (more…)

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1 · October 30, 2018 in General, Products  

PPS Mutual Issues Second Annual Profit Share to Members

Specialist insurance company PPS Mutual will distribute its second round of profit sharing to members after completing its second financial year of business in Australia. (more…)

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0 · October 29, 2018 in Company News, Products, Services  

AMP Will Close to New Risk Business Following Sale

Financial advisers will no longer be able to offer AMP life insurance policies to clients after the insurer confirmed its risk book would eventually be closed to new business as a result of its sale to Resolution Life (see: AMP to Sell Life Insurance Business). (more…)

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5 · October 26, 2018 in Company News, Products, Services  

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  

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