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ASIC confirms LIF review approach
The Australian Securities and Investments Commission (ASIC) has formally revealed the underlying processes for its review of the Life Insurance Framework. Answers to questions on notice from the House...
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Life Code Committee to get increased sanctions power
Life insurance companies will face a new avenue of sanction for any breaches of the Life Insurance Code of Conduct with the Life Code Compliance Committee (LCCC) to be given increased sanction...
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APRA corrects ALP on benefits of group over advised TPD
Insurance policies obtained through individual financial advice and policies obtained through superannuation are not directly comparable, according to the Australian Prudential Regulation Authority...
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PC recommends increased life insurance funding for mental health
The Productivity Commission’s recommendation to allow life insurers to fund mental health treatments is a ‘win-win’, according to the Financial Services Council (FSC).The commission’s report into...
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BT Life to switch-off of pre-2013 SuperWrap life commissions
Life advisers who sold BT Life policies attaching to BT SuperWrap prior to the middle of 2012 have been told that commissions they believed had been grandfathered will be switched off as of 1 January,...
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Advisers and lawyers impacted by new claims handling licensing
Financial advisers have been named by the Australian Securities and Investments Commission (ASIC) as industry participants who will need to get an appropriate Australian Financial Services License...
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Hannover Life Re to exit direct group market
In what represents a major change to the Australian life insurance dynamic, Hannover Life Re has told customers it is exiting the direct group market to focus on reinsurance.The move, which is...
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As ASIC begins its LIF review an adviser report tells its own story
At the same time as the Australian Securities and Investments Commission (ASIC) moves further into its review of the Life Insurance Framework (LIF) key identities in the life advice sector have backed...
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Westpac sells general insurance business to Allianz for $725m
Westpac has announced it will sell its General Insurance and General Insurance Services to Allianz for $725 million and both parties have entered into an exclusive 20-year distribution agreement which...
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Kelly and Partners and Austbrokers enter partnership
Kelly and Partners has entered a partnership with Austbrokers to market and deliver a mixture of insurance broking, accounting and tax services to the members of both firms.The partnership would take...
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CBA divests equity interest in BoCommLife
Commonwealth Bank has announced its divestment of 37.5% equity interest in BoCommLife to MS&AD Insurance Group Holdings, the parent of Mitsui Sumitomo Insurance Co., with the final sale proceeds...
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Default super insurance pays up to 79 cents for each premium dollar
Insurers estimate that superannuation members with default insurance, as a whole, would be paid up to 79 cents in claims for each dollar of insurance premiums they were charged over a six-year period...
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Suncorp denies problems but initiates ‘comprehensive insurance review’
Suncorp has denied to a Parliamentary Committee that it has any major issues with the total and permanent disability (TPD) insurance provided within its Suncorp Master Trust (SMT) but has also revealed...
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Challenged MLC Life gets $650 million capital injection
Reflecting the level of challenge facing many of Australia’s major life insurers, MLC Life required a capital injection of $650 million from its major stakeholders just ahead of the Christmas shutdown...
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CommInsure policyholders to be notified of transfer to AIA
CommInsure Life’s policyholders will be transferred to AIA Australia by way of a scheme under Part 9 of the Life Insurance Act, subject to the Federal Court of Australia.In an announcement, AIA said...
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APRA's proposed new group insurance rules preclude sweetheart deals
New insurance arrangements proposed to be imposed on superannuation funds will significantly test vertical integration by forcing super fund trustees to not only keep such arrangements at arms-length...
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LGIAsuper allows members to secure additional insurance
It said members were now able to apply for a “life event” increase within 90 days of the life event occurring (previously 60 days) or within 90 days of receiving their annual member statement, subject...
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Give advisers as much freedom as lawyers on insurance claims
Licensed advisers as well as authorised representatives and staff members working under Australian Financial Services Licenses (AFSLs) need to be granted exemptions under the new insurance claims...
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APRA's grim assessment of the life insurance industry
The Australian Prudential Regulation Authority (APRA) has painted a gloomy picture of the Australian life insurance in its 2020 Year in Review, pointing to the industry experienced “a concerning...
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Life/risk advisers are busy but less risk is being written
Specialist life/risk advisers have rarely been busier but less life insurance business is being written for the simple reason that many older risk advisers are leaving the industry and fewer generalist...
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