November 2, 2018
The FPA and AFA have lodged expressions of interest with ASIC to become a Code Monitoring body by the start of 2020. (more…)
SMEs Under-Insured But Open to Advice
November 1, 2018
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…)
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…)
No Cut-Off Date for ADFP Credits
October 30, 2018
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…)
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…)
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…)
PPS Mutual Issues Second Annual Profit Share to Members
October 29, 2018
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…)
AMP Will Close to New Risk Business Following Sale
October 26, 2018
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…)
PJC Rejects Proposal for Insurer Funded Rehabilitation
October 25, 2018
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…)
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…)
