Mark Radford’s Presentation at the AILA Twilight Seminar on The Future of General Insurance Product Disclosure
Mark recently presented at the AILA Twilight Seminar on the future of general insurance product disclosure with Peter Kell (ASIC), Richard Enthoven (Greenstone), Michael Gill (DLA Piper) and Robet Kelly (Steadfast). For a copy of the presentation slides email us a...
‘Yes Cover’ Means ‘Oh No!’ For Optus Mobile Phone Insurance
Last updated 13 July 2016 Background On 12 July 2016 ASIC issued a media release advising that in response to ASIC concerns Optus Insurance Services Pty Ltd (Optus) will refund approximately $2.4 million (including interest) to around 175,000 Optus mobile phone...
Update on Group Purchasing Bodies
Current as at 15 July 2016 EXECUTIVE SUMMARY ASIC Class Order 08/1 Group Purchasing Bodies (GPBs) has yet again been amended to extend the transition period for the breach reporting requirements in relation to the Class Order relief. The above is aimed to allow ASIC,...
Exposure Draft Regulations Released for Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016
(Current as at 12 April 2016) On 7 April 2016 the Government released Exposure Draft Regulations intended to implement the Government’s retail life insurance advice reform package in conjunction with the Corporations Amendment (Life Insurance...
Economics Legislation Committee Report on Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016
On 25 February 2016, the Senate referred the provisions of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 to the Economics Legislation Committee for inquiry and report by 15 March 2016. The Committee has released its report and is of...
ASIC Targets Financial Services Licensees using the Term “Independent”
ASIC has required a number of Australian Financial Services Licensees, including an insurance broker to remove or amend claims made about the independence of their services in marketing and promotional materials. Under the Corporations Act, a person who carries on a...
A Sign of the Times- Two Important New ASIC Reports on the Sale of Insurance through Car Dealers
ASIC is calling on insurers to significantly improve consumer outcomes in its based on two reports relating to add-on insurance products commonly sold to consumers when purchasing cars: Buying add-on insurance in car yards: why it can be hard to say no (Rep 470); and...
ASIC Focus on Compliance Culture – External Audit Service offering
Background on ASIC focus on compliance culture ASIC’s focus on the compliance culture within organisations continues with ASIC’s Media release on Affected consumers to be compensated as ASIC accepts EU from ACE Insurance being the latest example of how ASIC is taking...
Senate Economics References Committee – Scrutiny of Financial Advice
On 4 September 2014, the Senate referred an inquiry into the implications of financial advice reforms to the Senate Economics References Committee for inquiry and report by the first sitting day of July 2015. The Senate subsequently extended the reporting date on 2...
NSW to Remove Emergency Services Levy
The NSW Government has announced that the emergency services levy (ESL) on insurance policies will be abolished in favour of a property-based charge paid alongside council rates from July 2017. This leaves stamp duty and GST which apply to most policies next on the...