Insurance

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The General Insurance Code Governance Committee (CGC) is an independent body that monitors and enforces insurers’ compliance with the General Insurance Code of Practice. The Code covers many aspects of a consumer’s relationship with their insurer, from buying insurance to making a claim, to providing options to those experiencing financial hardship, to the process for…

Read More Consumer Representative – General Insurance Code Governance Committee

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The Albanese Government is establishing the Insurance Affordability and Natural Hazards Risk Reduction Taskforce as part of the federal budget to develop an integrated, cross?government approach to minimising the impacts of disaster on the community and help address insurance costs driven by more frequent and intense weather events. The government is committed to working with insurers and…

Read More Insurance Affordability and Natural Hazards Risk Reduction Taskforce

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The general insurance industry continues to struggle meeting claims handling timeframes according to the latest report from the General Insurance Code Governance Committee (CGC). The Annual Data and Compliance Report, published today, highlights more than 45,000 claims handling breaches of the industry Code of Practice in the 2022-23 reporting period, an increase of 16%. Chair…

Read More Insurers Continue to Struggle Meeting Claims Timeframes

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The 2023 Life Insurance Code of Practice (the Life Insurance Code) introduced a requirement for insurers to have family violence policies available online for their customers. For many life insurers this will be the first publicly available written policy indicating how they will support customers experiencing family violence. Family violence – in the form of…

Read More Financial Rights Publishes Report on Best Practice in Life Insurer Family Violence Policies

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More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF). The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council…

Read More Financial Counselling Industry Fund Launches

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The independent panel reviewing the 2020 General Insurance Code of Practice (Code) hasreleased the first of two consultation papers and is calling for written submissions from the public.The independent three-member panel, chaired by former APRA Deputy Chair Helen Rowell, isseeking feedback on the practical operation of the Code and relevant external developmentsincluding: Ms Rowell encouraged…

Read More Independent Code of Practice Review call for Written Submissions

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Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%, the Annual Industry Data and Compliance Report found that the number of customers impacted by breaches declined between 1 July 2022 and 30…

Read More Life Insurance Annual Data and Compliance Report 2022-2023: The Fall and Rise of Breaches

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The Centre for Women’s Economic Safety (CWES) welcomes the establishment of aParliamentary Inquiry into the effectiveness of financial services regulation in addressing financialabuse.The move follows calls by CWES for regulatory change so the financial sector can better respond tofinancial abuse and design safer financial products.More than 85% of women experiencing domestic and family violence experience…

Read More CWES Statement on the Inquiry into Financial Abuse by the Parliamentary Joint Committee

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On 20 March 2023, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the wholesale investor test for offers of securities (Section 708 of Chapter 6D of the Corporations Act 2001) and the wholesale client test for financial products and services (Sections 761G & 761GA of Chapter 7 of the Act) (referred…

Read More Inquiry into Wholesale Investor and Wholesale Client Tests

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Original media release by and for the Australian Securities and Investments Commission (14/03/2024). The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks…

Read More Industry Information Package Released in Preparation for the Financial Accountability Regime

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Original media release from The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services (7/03/2024). Consultation available here. The Albanese Government is working to improve insurance affordability as more severe weather events contribute to higher costs. As these events intensify and become more frequent, it’s also important consumers know exactly what they are…

Read More Consultation Opens for Standardizing Definitions and Standard Cover for Insurance