We’ve previously expressed our thoughts on how ASIC is likely to regulate claims handling as a financial service. Draft legislation has now been released by Treasury. Many businesses that handle…
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…
Design and Distribution Obligations (DDO) is the most significant of all the regulatory reforms to be navigated (from the product perspective). If done well, it will break the back of…
Remuneration changes formed an important part of the Royal Commission’s recommended overhaul of the financial services sector. What this will mean for companies and their employees is now a little…
ASIC has set out the ground rules for Consumer Credit Insurance (CCI). ASIC specifies its expectations for CCI – for the financial institutions that sell it and the insurers that…
Sale of so-called ‘add-on insurances’ has been widely criticised in Australia for some time. Here’s why: Regulatory scrutiny has been intense and regulatory action is well and truly underway –…
In the last sitting week of parliament, the first piece of legislation responding to the Hayne Report was passed. New product design and distribution obligations will apply to insurers (and…
It’s been three months already since the final report of the Hayne Royal Commission. Finity’s Geoff Atkins reflects on what has happened in the first 100 days and where to…
The Royal Commission recommended that the relevant industry codes of practice be made mandatory and enforceable, with sanctions for code breaches.
Tweak or turmoil with cross-selling and hawking