Royal Commission Response – claims as financial service

  • Royal Commission

    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.