Insurance Archives - Page 8 of 15 - Consumers' Federation of Australia

7 December , 2021

Exploring the ‘why’ of Compliance and the need for culture shift

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) offers key industry insights and guidance in its newly published Annual Data Report for 2020. This is a media release from the Insurance Brokers Code Compliance Committee (IBCCC). It was originally published on 2nd December, 2021. The Insurance Brokers Code Compliance Committee (the Committee) has…

6 December , 2021

Insurers stop renter robodebt and commit to minimum standards to protect tenants

Joint campaign from WEstjustice and CHOICE improves landlord insurance recoveries processes WEstjustice and CHOICE have secured insurance industry commitments to stop the practice of unfairly pursuing renters for accidental damage. This change means that no renter in Australia should receive a bill for accidental or unintentional property damage to the homes they rent. All major…

2 December , 2021

ASIC encourages home insurers to be consumer-centric in handling claims this summer

ASIC recently completed a project reviewing insurance claims handling outcomes for consumers affected by the 2019-20 ‘Black Summer’ bushfires. The fires were declared a catastrophe (CAT195) by the Insurance Council of Australia (ICA) on 8 November 2019. During the 2019-2020 fires thirty-three people died, more than five and a half million hectares of bushland was…

8 November , 2021

Mental health discrimination by insurers: new report calls for urgent ASIC investigation

The Australian Securities and Investments Commission (ASIC) should immediately investigate how life insurers treat people with past or current mental health conditions, in response to continuing widespread discrimination by life insurers. This is a media release from the Public Interest Advocacy Centre. It was originally published on 8th November, 2021. This is a key recommendation of Mental Health Discrimination…

2 November , 2021

Major super funds still clinging to junk insurance

Super Consumers Australia is today calling on funds like NGS, Prime Super and Spirit Super to dump junk insurance terms that are putting Australians at risk. The call comes after a sustained campaign over the last two years that has seen over half the market remove or dramatically reduce the impact of this junk insurance.…

14 October , 2021

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

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…

4 October , 2021

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

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…

24 September , 2021

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

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…

26 August , 2021

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

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…

9 August , 2021

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

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…

2 July , 2021

Super lobby groups fail to keep promises to consumers

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)…

24 June , 2021

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

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…