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Super Fund Sued Over Alleged Claims Handling Failures
There was strong reader interest this week in news that the trustee for a major superannuation fund is being sued by ASIC over claims handling failures allegedly affecting thousands of members...
ASIC has alleged more...
Claims Handling Code Breach
A life insurer has breached the Life Insurance Code of Practice by issuing unnecessary information requests and failing to meet timeframes when deciding on a customer’s TPD claim, says the Life Code Compliance Committee.
In...
3,580 Claims-Handling Breaches
A life insurer failing in its claim handling obligations thousands of times drew significant reader interest this week...
A life insurer breached the Life Insurance Code of Practice, by failing in...
FAAA Anger at Handling of CSLR
“Everywhere that we looked, we saw inequity and unfairness. The more we looked, the angrier we got,” the FAAA’s Phil Anderson says in highlighting a new paper analysing the Dixon Advisory collapse and the...
Life Insurers Struggling to Meet Claims Handling Obligations
The prevalence of breaches related to claims handling obligations, which rose by 18% in the 2022-23 year, is highlighted in the latest report released by the Life Code Compliance Committee.
Chair of the Life CCC,...
Claims Handling Included in ASIC’s 2024 Enforcement Priorities
Insurance claims handling is to be included in ASIC's enforcement priorities for 2024, while another priority focusses on enforcing design and distribution obligations.
The regulator says that in 2024 two new priorities have been added...
Jump in Complaints About Delays in Claims Handling
Complaints about delays in claims handling have more than doubled over the last four years, according to AFCA.
The authority says in its Annual Review that over the 2022–23 financial year, it received 1,898 life...
Report Finds Banks Mishandling Deceased Estates
An inquiry into the handling of deceased estates has found instances of poor practice and non-compliance with the Banking Code of Practice among the six banks in the study.
The Banking Code Compliance Committee, which...
Insurers Put on Notice Over Life Insurance Claims Handling
Resonating with advisers this week was our report on ASIC placing insurers on notice that it will take action where it sees consumer harm from poor claims handling practices...
ASIC is putting insurers on notice...
Exemption for Advisers, Staff on Claims Handling
The Government has released a regulation that will provide an exemption for financial advisers from the need to vary their AFSL in order to provide claims handling.
In a note to its members at the...