Life Insurance Archives - Page 3 of 3 - Consumers' Federation of Australia

2 April , 2019

APRA and ASIC publish world-leading life insurance data

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first time – to compare life insurers’ performance in handling claims and disputes. The joint project is the culmination of more than two years of work…

28 March , 2019

Life insurance code monitoring body delivers report on Australian life insurance industry compliance

Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…

3 October , 2018

Codes of Practice – Consumers benefit

The following is a guest post by The Code Compliance and Monitoring team, a separately operated and funded business unit of the Financial Ombudsman Service. Unfair treatment of customers by institutions has been under the spotlight at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Beyond the Commission, however, consumer protection…

25 September , 2018

Busy start for life insurance compliance body

The Life Code Compliance Committee has released its inaugural Annual Report today. A copy of the accompanying media release can be found here. The Committee independently monitors subscribing insurers’ compliance with good industry practice, as set out in the Life Insurance Code of Practice (the Code). The Committee’s key purpose is to help…