Risk & Insurance

Risk & Insurance

Most advisers to be exempt from new claims handling AFSL rules

Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.

Tahn SharpeDecember 1, 2020

Risk & Insurance

Insurance commissions should go: ALP

Shadow finance minister Stephen Jones said proving that a commission-based model can function without conflicts is an “enormous challenge”. While open to the findings of the 2021 insurance review, he made it clear the ALP has every intention of getting rid of commissions holus-bolus if elected in 2022.

Tahn SharpeOctober 15, 2020

Risk & Insurance

Regulator calls time on generous IP policies, penalties apply

APRA has brought forward its suite of changes designed to save the insurance industry after seeing another $1.4B loss since December 2019. Capital penalties will now apply for income protection policies that don’t meet its new sustainability standards, which could force risk advisers to rethink their approach.

Tahn SharpeOctober 1, 2020

Risk & Insurance

Funds lambasted by ASIC for marking members as default smokers

ASIC's Danielle Press said the funds that have remediated members have 'heeded' lessons from the royal commission. To date, the same can't be said for AMP, IOOF and Suncorp.

Tahn SharpeAugust 7, 2020

Risk & Insurance

ASIC deflects Trowbridge’s risk advice pay warning

The architect of the 2015 Life Insurance Review said the government’s failure to heed his warning on adviser remuneration has left riskies “unable” to service smaller clients. Most insurance is through super anyway, ASIC’s deputy chair responded.

Tahn SharpeJuly 30, 2020

Risk & Insurance

LIF review should push beyond reforms: FPA, AFA

The Life Insurance Framework was too focussed on remuneration and missed more pressing issues vital to the industry, say the associations, who have challenged ASIC to take a broader view in its scheduled 2021 review.

Tahn SharpeJuly 28, 2020

Risk & Insurance

Treatment in lieu of lump sums for mental health claims: Hume

The Senator spoke of the growing challenge soaring mental health claims are presenting to the insurance industry, and said the government is “open” to looking at treatment and prevention funding in lieu of large lump sum payments.

Tahn SharpeJuly 27, 2020

Risk & Insurance

It’s not churn, it’s a pandemic

Clients are dialling back insurance because we're in the middle of a pandemic-fuelled recession. This has nothing to do with churning, advisers say, so why should they be penalised?

Tahn SharpeJuly 13, 2020

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