Australian exec takes global role at Pacific Life Re
05 February 2024
Pacific Life Re has appointed Andrew Gill, previously EVP for Asia and Australia, to run its global protection business after changing its organisational structure...
Life Insurance
Pricing practices: ‘more needs to be done’, say regulators
18 December 2023
Life insurers have been told they need to further improve their pricing practices or face the prospect of regulatory action from the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission...
Super Consumers Australia says insurers not meeting ‘basic standards’
18 December 2023
Super Consumers Australia says life insurers are falling “well short of basic standards” after its analysis of claims data revealed worrying trends...
‘Critical juncture’ as Treasury reviews genetic test laws
18 December 2023
Laws around the use of genetic test results should be tightened so that life insurers will not be able to discriminate against Australians, medical researchers say, as Treasury consults on proposed regulatory intervention measures...
Advisers welcome ATO draft clarifying fees deductibility
18 December 2023
The Financial Advice Association of Australia has backed Australian Taxation Office draft determinations clarifying rules around tax deductibility of fees, including for life insurance advice...
NZ regulator censures life advisory for licence breaches
18 December 2023
The Financial Markets Authority has censured Go Financial Solutions for failing to comply with its obligations as a licensed financial advice provider..
Asteron Life names employee insurance manager
18 December 2023
Suncorp-owned Asteron Life says Jon Lloyd is now Manager Employee Insurance, leading the portfolio and pricing team. He was previously Business Development Manager Employee Insurance...
Advisers, insurers split over ‘simple advice’ proposal
11 December 2023
Financial advisers are “deeply” concerned over the Federal Government’s plan for a new advice model that will allow life insurers to provide “simple advice” to consumers...
CALI study shows life advice remains 'inaccessible and expensive'
11 December 2023
Just 6% of Australians are getting advice from professional advisers about their life insurance needs, a study commissioned by the Council of Australian Life Insurers has found...
MLC hires Remediation Programs GM
11 December 2023
MLC Life has named Ian Fletcher as its Remediation Programs GM, adding to newly appointed COO Jane Murray’s team...
Steadfast acquires NSW life advisory firm
11 December 2023
Steadfast Life has acquired Ivan Bakin and Associates, a life insurance specialist advisory firm in NSW...
MLC celebrates Plan for Life Excellence award wins
11 December 2023
MLC Life celebrated several wins at this year’s Plan for Life Excellence awards for its Vivo health and wellness program, debt insurance product, and AI mental health support app...
Insurer wins dispute over mental health misrepresentation
04 December 2023
A complainant who was on anti-depressant medication but failed to provide the information when asked about her history of mental health in her life insurance application form has lost her dispute with the insurer...
Advice firm fined $100,000 for false details
04 December 2023
Fong Financial Planners has been convicted and fined $100,000 in the District Court of Western Australia on three counts of dishonest conduct that put their clients’ life insurance coverage at risk...
NZ life advisory firm’s licence cancelled
04 December 2023
New Zealand regulator The Financial Markets Authority has cancelled the licence of Foundation Advice after the business went into liquidation in October at the order of the High Court...
Fees for no service: OnePath Custodians penalised $5 million
04 December 2023
Superannuation trustee OnePath Custodians has been penalised $5 million for making false or misleading representations to members about its right to continue charging them fees, in civil penalty proceedings launched in 2021 by the Australian Securities and Investments Commission...
TAL’s Brett Clark to chair education not-for-profit
04 December 2023
Education not-for-profit Australian Business Community Network has appointed TAL Group CEO and MD Brett Clark as Chair, replacing Hall & Wilcox Managing Partner Tony Macvean...
Treasury consults on use of genetic testing results in life underwriting
27 November 2023
Treasury has released a consultation paper on the life industry’s stance on genetic testing, in response to growing concerns the present setup discourages Australians from undertaking potentially life-saving tests to avoid hurting their chances of securing affordable insurance...
Jones says Government wants ‘meaningful’ advice reforms
27 November 2023
The Federal Government is committed to reforms that will lead to “meaningful” changes for the advice industry and consumers, Financial Services Minister Stephen Jones said...
ASIC accepts enforceable undertaking from unlicensed iExtend
27 November 2023
iExtend Holdings and its subsidiary iExi have entered into a court enforceable undertaking with the corporate regulator after the businesses were found to have provided life insurance services without an Australian financial services licence...