Royal Commission Response – claims as financial service

Date19th March 2019

Regulatory Compass

The recommendation to regulate claims handling as a ‘financial service’ impacts both general insurance and life insurance, although this analysis is limited to general insurance.

The change may be more far-reaching in its impact for the general insurance industry than initially thought.

  • A government response could be quick

  • What is the goal of this recommendation?

  • A best case outcome

  • Unanswered questions

  • Defining the 'claims handling' activity

  • Retail clients/products or all products?

  • Who would the obligations apply to?

  • What further obligations would apply?

  • Is there 'advice' in claims handling?

Prepared in collaboration with The Fold Legal.

Read more in our Royal Commission Response, or download a printable PDF below.