{"id":37911,"date":"2017-08-08T09:00:34","date_gmt":"2017-08-07T23:00:34","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37911"},"modified":"2017-08-09T06:19:39","modified_gmt":"2017-08-08T20:19:39","slug":"tal-backdates-time-when-new-minimum-definitions-will-apply","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/08\/08\/tal-backdates-time-when-new-minimum-definitions-will-apply\/","title":{"rendered":"TAL Backdates Trauma Definitions"},"content":{"rendered":"

TAL will apply the new minimum standard trauma\u00a0definitions within the Life Insurance Code of Practice (LICP) to all new claims received on individual policies purchased since 10 August 2009.<\/p>\n

\"TAL<\/a>
TAL Group\u00a0Chief Executive, Brett Clark<\/figcaption><\/figure>\n

The insurer announced the move as part of its efforts to exceed the requirements of the FSC developed LICP, which came into force from 1 July 2017, and only requires FSC life insurance members to apply the minimum definitions from that date (see:\u00a0FSC Life Code Commences With Finalised Trauma Definitions<\/a>).<\/p>\n

TAL Group Chief Executive and Managing Director, Brett Clark<\/strong> said that since the release of the Code the insurer had taken steps to improve its accountability and had appointed an independent adviser to review TAL\u2019s claims management practices for areas of improvement and was committed to public reporting of its\u2019 Code performance each year.<\/p>\n

\u201cThe task for us all now is to look beyond the Code…”<\/h6>\n

\u201cThe adoption of the Code is a key milestone for our industry, and for TAL it\u2019s another step towards achieving our stated ambition: that our customers understand and value the protection they have and are confident we will be there when they need us most,\u201d Clark said.<\/p>\n

TAL stated it would also be introducing consumer testing to ensure it was meeting the letter and spirit of the Code, simplifying product fact sheets for all direct products and creating support material for customers affected by a major illness.<\/p>\n

Clark called on other life insurers to look beyond the Code and find ways to lift standards and improve transparency in the sector.<\/p>\n

\u201cThe task for us all now is to look beyond the Code, and challenge ourselves to improve every area of our business through innovative thinking and a greater focus on the needs of the consumer,\u201d Clark said.<\/p>\n

\u201cWe look forward to continuing to work with the FSC, other life insurance industry members and superannuation fund trustees on the next iteration of the Code to continue driving improvements in our industry, which plays such an important role in the life and wellbeing of Australians.<\/p>\n","protected":false},"excerpt":{"rendered":"

TAL will apply the new minimum standard trauma\u00a0definitions within the Life Insurance Code of Practice (LICP) to all new claims received on individual policies purchased since 10 August 2009.<\/p>\n","protected":false},"author":3,"featured_media":37948,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[4247],"class_list":["post-37911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37911","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=37911"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/37948"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}