{"id":53454,"date":"2020-12-01T12:48:10","date_gmt":"2020-12-01T02:48:10","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=53454"},"modified":"2020-12-11T13:47:43","modified_gmt":"2020-12-11T03:47:43","slug":"insurance-claims-handling","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/12\/01\/insurance-claims-handling\/","title":{"rendered":"Latest Poll &#8211; Licensing Claims Services"},"content":{"rendered":"<div id=\"polls-245\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Do you support the move to include claims handling under the definition of \u2018financial service\u2019?<\/strong><\/div><div id=\"polls-245-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(48%)<\/small><div class=\"pollbar\" style=\"width: 48%\" title=\"Yes (48% | 64 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(43%)<\/small><div class=\"pollbar\" style=\"width: 43%\" title=\"No (43% | 57 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(8%)<\/small><div class=\"pollbar\" style=\"width: 8%\" title=\"Not sure (8% | 11 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_245_nonce\" name=\"wp-polls-nonce\" value=\"97f27bcc8b\" \/>\n<\/div>\n\n<p>The release by ASIC last week of a draft information sheet heralding the removal of the exemption of claims handling activities from the definition of &#8216;financial service&#8217; forms the basis for our latest poll.<\/p>\n<p>As we&#8217;ve reported this week, Banking Royal Commissioner, <strong>Kenneth Hayne<\/strong>, stated in his final report that &#8220;&#8230;claims handling is is as much the provision of a financial service as any other financial service.&#8221;<\/p>\n<p>The Government has now introduced legislation that will remove the claims handling exemption and we&#8217;re keen to know what you think about this move.<\/p>\n<p>ASIC explains that on passage of the Government&#8217;s Bill, &#8220;&#8230;persons providing claims handling and settling services will need to be covered by an Australian Financial Services licence, and the general conduct obligations under section 912A of the Corporations Act 2001\u2026 will apply.\u201d<\/p>\n<p>However, we note that the list of those industry participants ASIC says will need to obtain an AFS licence for claims handling and settling or be authorised by another AFS licensee does not include financial advisers who handle claims on behalf of their clients (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2020\/11\/30\/afs-licence-for-claims-handling-asic-draft-information-sheet\/\" target=\"_blank\" rel=\"noopener noreferrer\">AFS Licence for Claims Handling<\/a>).<\/p>\n<p>We&#8217;re interested to hear your thoughts on the pending legislative change and whether you support the need for an AFS licence in order to provide these services in future.<\/p>\n<p>Tell us what you think and we&#8217;ll report back next week&#8230;<\/p>\n<figure id=\"attachment_53477\" aria-describedby=\"caption-attachment-53477\" style=\"width: 537px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-53477 size-full\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll.png\" alt=\"\" width=\"537\" height=\"147\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll.png 537w, https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll-300x82.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll-533x147.png 533w, https:\/\/riskinfo.com.au\/news\/files\/2020\/12\/201201-Latest-Poll-534x147.png 534w\" sizes=\"auto, (max-width: 537px) 100vw, 537px\" \/><\/a><figcaption id=\"caption-attachment-53477\" class=\"wp-caption-text\">Recommendation 4.8, taken from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, conducted in 2018&#8230;<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The release by ASIC last week of a draft information sheet heralding the removal of the exemption of claims handling activities from the definition of &#8216;financial service&#8217; forms the basis for our latest poll. As we&#8217;ve reported this week, Banking Royal Commissioner, Kenneth Hayne, stated in his final report that &#8220;&#8230;claims handling is is as [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":53457,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-53454","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/53454","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=53454"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/53454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/53457"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=53454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=53454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=53454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}