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Life Insurance

Life insurers move to set up new peak body

27 June 2022

Australian life insurers have made a “collective” decision to set up a dedicated peak body to advocate on their behalf, following a “significant change” in the industry before and after the Hayne royal commission...

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New life code carries $100,000 penalty for 'significant' breaches

27 June 2022

The Life Insurance Code of Practice has been updated with more than 50 new consumer protection measures, including a financial penalty of up to $100,000 for some significant breaches in the form of a community benefit payment to a charity, the Financial Services Council said...

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Upfront life commissions should be raised: The Advisers Association

27 June 2022

The Advisers Association says the upfront life insurance commission rate, set at 60% presently, should preferably be raised to 80% or higher in a submission to the Quality of Advice review...

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Adelaide adviser charged with falsifying company books

27 June 2022

The corporate regulator says Adelaide adviser Tai Thanh Nguyen, whom it banned permanently in 2019 for dishonest conduct including allowing incorrectly witnessed binding nomination forms to be submitted to insurers, has been charged with seven counts of alleged falsification of company books...

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AFCA rules 90-day 'elimination' clause applies in trauma claim dispute

27 June 2022

A complainant whose claim for trauma benefit was declined on grounds that his malignant cancer occurred during the initial 90-day exclusion period of the policy’s commencement date has lost his dispute with Zurich...

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Resolution Life makes key leadership appointments

27 June 2022

Resolution Life Australasia has announced two key leadership appointments, aimed at supporting its goal to be the “leading” in-force specialist life insurer in the region...

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