{"id":34619,"date":"2016-09-15T09:51:29","date_gmt":"2016-09-14T23:51:29","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=34619"},"modified":"2016-09-21T07:35:07","modified_gmt":"2016-09-20T21:35:07","slug":"life-insurance-set-for-new-parliamentary-review","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/09\/15\/life-insurance-set-for-new-parliamentary-review\/","title":{"rendered":"Life Insurance Set For New Parliamentary Review"},"content":{"rendered":"<p>The life insurance sector will come under renewed scrutiny after a call for a new Parliamentary inquiry was agreed to by both sides of politics in the Senate yesterday.<!--more--><\/p>\n<figure id=\"attachment_33566\" aria-describedby=\"caption-attachment-33566\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/06\/SenateNSW1_John_Williams.jpg\" rel=\"attachment wp-att-33566\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-33566\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/06\/SenateNSW1_John_Williams.jpg\" alt=\"Nationals Senator for NSW, John Williams\" width=\"150\" height=\"179\" \/><\/a><figcaption id=\"caption-attachment-33566\" class=\"wp-caption-text\">Nationals Senator for NSW, John Williams<\/figcaption><\/figure>\n<p>The call for the inquiry was made by Nationals Senator\u00a0<strong>John Williams<\/strong> who asked that the Parliamentary Joint Committee on Corporations and Financial Services examine a range of issues and report by 30 June 2017.<\/p>\n<p>Williams asked that the Committee look into the following matters:<\/p>\n<ul>\n<li>The need for further reform and improved oversight of the life insurance industry<\/li>\n<li>Assessment of relative benefits and risks to consumers of the different elements of the life insurance market, being direct insurance, group insurance and retail advised insurance<\/li>\n<li>Whether entities are engaging in unethical practices to avoid meeting claims<\/li>\n<li>The sales practices of life insurers and brokers, including the use of Approved Product Lists<\/li>\n<li>The effectiveness of internal dispute resolution in life insurance<\/li>\n<li>The roles of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority in reform and oversight of the industry<\/li>\n<li>Any related matters<\/li>\n<\/ul>\n<p>The move by Williams was heralded prior to the recent Federal Election when, in a statement supplied to the Association of Financial Advisers, he stated <a href=\"https:\/\/riskinfo.com.au\/news\/2016\/06\/22\/minor-parties-to-return-spotlight-to-advice\/\" target=\"_blank\">he would reactivate previous inquiries<\/a>, including the long running Scrutiny of Financial Advice inquiry which was halted by the election.<\/p>\n<p>William\u2019s call for the inquiry was supported by the Federal Opposition with Senator <strong>Katy Gallagher<\/strong>, Shadow Minister for Small Business and Financial Services, stating it would support William\u2019s motion to refer the issues to the Parliamentary Joint Committee<\/p>\n<p>\u201cLabor&#8217;s preference would be for the government to establish a royal commission into the banking and financial services sector that would put a stop to the scandals and misconduct and that would restore public confidence in Australia&#8217;s financial institutions. But we will support this motion because we believe these are significant issues that should be examined by this committee,\u201d Gallagher said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The life insurance sector will come under renewed scrutiny after a call for a new Parliamentary inquiry was agreed to by both sides of politics in the Senate yesterday.<\/p>\n","protected":false},"author":3,"featured_media":34671,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,4,270,5],"tags":[4247],"class_list":["post-34619","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-products","category-remuneration","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=34619"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/34671"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=34619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=34619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=34619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}