Insurance

Post thumbnail

The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation. It will apply to all default group life insurance in superannuation amongst FSC members. This is a media release from the Financial Services…

Read More FSC to ban occupational exclusions in default group life insurance in superannuation

Post thumbnail

Productive and successful year for life insurance compliance body The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in the Life Insurance Code of Practice (the Code) – today released its Annual Report for 2020–21. This is a media release from the Life Code Compliance…

Read More Life CCC publishes its Annual Report for the 2020-21 financial year

Post thumbnail

Telecommunications and credit and personal finance providers were found to be joint wooden spoon winners in a 2020 Sector Scorecard developed by Consumer Policy Research Centre and Roy Morgan. By delivering the joint worst customer experience overall these sectors have let down their customers when they most needed support. This highlights the need for increased…

Read More Telcos and credit providers fail consumers during COVID-19, says new scorecard

Post thumbnail

Represent the consumer or community perspective on the Insurance Brokers Code Committee who monitor and enforce compliance with the Insurance Brokers Code of Practice. Initial term of 3 years with eligibility for re-appointment Annual salary of $27,050 inclusive of super About the opportunity The Insurance Brokers Code Compliance Committee (IBCCC) is an independent body that…

Read More Consumer Representative opportunity: Insurance Brokers Code Compliance Committee

Post thumbnail

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released its Annual Report for 2020–21, a year marked by the continued impact and disruptions of COVID-19, the torrent of legislation following the Financial Services Royal Commission and the unprecedented risk challenges facing the insurance industry. This is an Insurance Brokers Code…

Read More Insurance Brokers Code Compliance Committee releases Annual Report for 2020–21

Post thumbnail

CHOICE and WEstJustice have called for regulatory intervention to stop insurance companies unfairly pursuing people who rent for claims made on landlord insurance.  This is a CHOICE and WEstJustice media statement, originally published on 6th August, 2021. Read the full investigation. The advocacy groups have presented finance regulator ASIC with evidence of insurers pursuing debts…

Read More Insurers targeting people who rent with unjust bills over $300,000

Post thumbnail

Super fund lobby groups have dumped a code of conduct that could have improved how funds handle life insurance claims. Consumer groups Super Consumers Australia and Financial Rights Legal Centre are calling out a self-interested move from industry lobby groups including the Australian Institute of Superannuation Trustees (AIST), the Association of Super Funds Australia (ASFA)…

Read More Super lobby groups fail to keep promises to consumers

Post thumbnail

A follow-up inquiry into consumer credit insurance (CCI) has shown that, while customer owned banking institutions have stopped selling add-on CCI, they still have a duty to their customers when it comes to managing loans with active policies and providing referrals to insurance providers. The independent committee that monitors the Customer Owned Banking Code of…

Read More Customer Owned Banking Code Compliance Committee report shows consumer credit insurance obligations are ongoing

Post thumbnail

A challenging year for life insurers and their customers highlights the importance of the Code The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the Life Insurance Code of Practice (the Code) – today released its 2019–20 Annual Industry Data and Compliance Report. This is a Life…

Read More LCCC Annual Industry Data and Compliance Report 2019-20

hadns on laptop hadns on laptop

The General Insurance Code Governance Committee (the Committee) has today released its annual report for the 2019-20 financial year. The report includes analysis of trends and service standards in the general insurance industry in a year that included significant summer bushfires, flooding and the start of the COVID-19 pandemic. This is a General Insurance Code…

Read More General Insurance in Australia Report 2019-20

Post thumbnail

A report on the sale of add-on general insurance products by the independent committee monitoring the Insurance Brokers Code of Practice (the Code) outlines the extent to which  and how Code subscribing insurance brokers provide add-on insurance products to their clients. This is an Insurance Brokers Code Compliance Committee media release The Insurance Brokers Code…

Read More Most brokers handling insurance add-ons well, but there is room for improvement: Report

Post thumbnail

Financial Rights Legal Centre has released a landmark report on the concept of Open Insurance – the application of the Consumer Data Right to the general insurance industry. This is a Financial Rights Legal Centre Media Release Financial Rights’ Chief Executive Officer Karen Cox said the Open Insurance report by Dr Richard Tooth of Sapere…

Read More Financial Rights report reveals risks and opportunities in Open Insurance