Royal Commission Live
FRIDAY’S SUMMARY: Hayne nightmare over for insurers – or is it?
21 September 2018
FRIDAY'S SUMMARY: The Hayne royal commission has finished examining general insurers, but the industry cannot afford to relax just yet.
That is that
21 September 2018
Ms Orr says final submissions on the natural disaster case studies are complex and will be submitted in writing.
IAG misconduct
21 September 2018
Mr Costello returns to suggest the commission could find Swann Insurance engaged in misconduct by continuing to sell add-on insurance even after it was aware of ASIC's concerns.
Allianz culture
21 September 2018
Ms Orr says that Allianz's culture does not consider risk and compliance a priority, and responds in a defensive way when challenged.
Allianz misconduct
21 September 2018
It is open to the commission to find that Allianz engaged in misconduct in relation to each of the misleading statements that were allowed to remain on its website, Ms Orr says.
Allianz recap
21 September 2018
Ms Orr returns to recap the general insurance case studies.
AMP misconduct
21 September 2018
It is open for the commission to find that AMP engaged in misconduct by continuing to deduct premiums from deceased members' accounts, Mr Costello says.
REST misconduct
21 September 2018
Counsel Assisting Mark Costello returns to recap the group life case studies.
TAL 'did not respect FOS'
21 September 2018
TAL also had a culture that showed "inadequate respect" for FOS, Ms Orr says.
TAL misconduct
21 September 2018
The commission is open to find that TAL is guilty of misconduct, Ms Orr says.
CommInsure withheld report from FOS
21 September 2018
The commission could find that CommInsure's conduct amounted to misconduct, Ms Orr says.
Freedom misconduct down to culture
21 September 2018
Ms Orr says Freedom may have engaged in misconduct and unconscionable conduct, and may have broken the law on multiple occasions.
Commission breaks for lunch
21 September 2018
The royal commission breaks for lunch with Ms Orr to deliver the findings on Freedom Insurance when the hearing resumes at 2pm.
ClearView summary
21 September 2018
ClearView's testimony had shown it had acted in ways that fell below community expectations and on the evidence it was open to the commission to make a misconduct finding, Ms Orr says.
Summing up
21 September 2018
Ms Orr has returned to sum up the findings from the past two weeks of evidence provided in life and general insurance case studies.
FSC evidence completed
21 September 2018
FSC’s Ms Loane is asked what life insurers expect from advisers in return for the $6 billion in commissions that they paid out over the past five years.
FSC on new code
21 September 2018
The FSC is against removing the claims handling exclusion from financial services, while it assesses progress under the life code of practice, CEO Sally Loane says.
Code compliance sanctions
21 September 2018
Ms Orr highlights that there have been no sanctions imposed by the Code Governance Committee (CGC) since those powers were introduced in July 2014 despite a rising number of breaches reported.
Unfair contract terms
21 September 2018
Commissioner Hayne challenges Mr Whelan on why insurance is different when it comes to unfair contract terms.
Mr Whelan says new code to address failures
21 September 2018
Mr Whelan says the add-on experience shows that self-regulation has limitations, but the industry is under no illusion it needs to take a more rigorous approach.