After huge delays, the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 (Bill) has finally been passed by Parliament on 10 December 2020. As part of the reforms proposed…
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The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 was passed by Parliament on 10 December 2020. It covers a range of reforms, in line with the revised regulatory…
New Internal Dispute Resolution requirements (RG 271) – what are the key take outs and considerations for insurers? ASIC released its new Regulatory Guide (RG 271) on complaints handling and…
ASIC’s Product Intervention Power (PIP) commenced on 6 April 2019. This power is intended to provide ASIC with powers that it can use to proactively reduce the risk of significant…
The Council of Financial Regulators released a statement this week about COVID-19. This was followed quickly by the release of APRA and ASIC media releases. The big picture is six months hold for all the regulatory changes…
Finity and The Fold Legal released an update on the Royal Commission’s recommendations into add-on insurance in July 2019. After two separate consultation papers, Treasury has recently released: An Exposure Draft…
Ready to go With the publication of ASIC’s draft guidance on DDO, the General Insurance industry is now ready to go. The guidance released on 19 December 2019 comprises consultation…
The Hayne Royal Commission made a number of recommendations relating to extending the Banking Executive Accountability Regime (BEAR), which has been in place since 1 July 2018. The Financial Accountability…
This article was published in December 2019. For a more recent update on Claims as a Financial Service please click here. We’ve previously expressed our thoughts on how ASIC is…
We recently published a feature article Insurance Re-regulation: Two years down, three to go? which appeared in Finity’s annual industry ‘state of play’ publication, Optima 2019. In the article, Geoff…