The Australian Securities and Investments Commission (ASIC) expects to release this month its findings on the industry’s handling of total and permanent disability (TPD) claims, a spokesman told insuranceNEWS.com.au today.

In August ASIC Chairman James Shipton mentioned that the regulator would be undertaking a review of concerning product features and practices as part of an increased oversight of the financial services sector.

More than 13 million Australians have TPD cover and nearly 90% are insured through their super funds.

“We will take enforcement and other regulatory action against mis-selling of insurance products, particularly to vulnerable consumers, and review concerning product features and practices,” Mr Shipton told the Financial Services Council Summit in August.

“We will also support and implement insurance law reforms that will enhance our ability to act in relation to poor conduct and poor consumer outcomes in insurance – especially coverage of claims-handling.

“As these legislative reforms are implemented, we will look to take action on the consequences of unfair contract terms and concerns in claims-handling.”