Prominent industry figure, John Trowbridge, has been recognised in the King’s Birthday Honours List with an Order of Australia Medal for his “…significant service to business, to the risk management sector and to the actuarial profession.”
A release from the Actuaries Institute notes the award recognises Trowbridge’s distinguished career as an actuary, consultant, executive, company director and regulator, with his expertise fundamentally shaping Australia’s insurance landscape and regulatory framework: “His leadership has influenced major reforms across the financial services industry and enhanced protection for Australian consumers.”
The Institute notes Trowbridge’s regulatory and policy contributions include:
- Chairing the Australian Government’s review of natural disaster insurance following the 2011 floods
- Leading the Life Insurance & Advice Working Group in 2015, which recommended reforms that came into effect in 2018
It is the latter of these two contributions for which Trowbridge will be best-known to Riskinfo readers, where his recommendation that the life insurance industry move to a flat commission remuneration structure was met with much debate and with significant opposition from many advisers and other industry stakeholders.
What became known as The Trowbridge Report, released in March 2015, formed the basis on which the Life Insurance Framework reform legislation was subsequently shaped.
See:
20% Flat Commissions – Trowbridge
LIAWG Failed to Deliver on Terms of Reference – AFA
Trowbridge Rejects Claims LIAWG Report Was Biased
I could never undersrand why the AFA thought it was a good idea to work with Trowbridge
Turned out alright?
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