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.Download