Actuaries back regulation on use of genetic test results
05 February 2024
The Actuaries Institute supports introducing legislation to regulate life insurers’ use of genetic testing results, the peak body says in a submission to Treasury...
Life Insurance
Advisers warn over ‘fast-increasing’ ASIC levy
05 February 2024
The Financial Advice Association Australia has flagged concerns over rising regulatory costs in a pre-budget submission...
Treasury seeks feedback on proof of education
05 February 2024
Treasury has begun consultation on proposed law changes that will provide greater flexibility for financial advisers to show they have met the conditions of an approved degree...
ASIC seeks contempt orders against banned director
05 February 2024
The Australian Securities and Investments Commission is seeking Federal Court orders against former Wealth & Risk Management director Joshua David Fuoco for contempt of court...
Insurer wins court battle over policy avoidance
05 February 2024
The Federal Court has dismissed Australian Securities and Investments Commission proceedings against Zurich over the insurer’s decision to “avoid” an income protection policy after an insured failed to disclose her history of hospital admissions for mental illness...
TAL taps Westpac exec for claims role
05 February 2024
TAL has appointed Westpac executive Georgina Croft as Chief Claims Officer...
FAAA prepares for pivotal period as advice reforms loom
05 February 2024
The Financial Advice Association Australia says this will be a “watershed” year for the profession as it sets out its expectations and priorities for the period...
Financial Advice NZ appoints new chief
05 February 2024
Financial Advice New Zealand has named Nick Hakes as CEO, replacing Katrina Shanks, who left for a similar position at the Australian and New Zealand Institute of Insurance and Finance...
AMP names new super fund insurer
05 February 2024
AMP has picked TAL as the default insurance provider for its 270,000 superannuation members after a “comprehensive” tender process...
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...
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...