Bank commission reforms hit stumbling block
24 October 2016
The Australian Bankers Association’s bid to reform staff sales commissions may miss next year’s implementation date…
Life Insurance
Synchron aims to grow to 500 advisers
24 October 2016
Synchron plans to grow advisers numbers by about 10% a year over the next two years, taking its authorised representative count from 427 to 500 by September 2018…
APRA keeps eye on group life incentives
24 October 2016
The Australian Prudential Regulation Authority is monitoring risk-sharing arrangements between life insurers and superannuation funds…
Advisers run rule over insurer wellness programs
24 October 2016
Only 14% of advisers think life insurance companies are doing a good job with health and wellness programs, according to a survey from Strategic Insight…
Challenger quarterly annuity sales soar
24 October 2016
Challenger has reported a 46% increase in annuity sales for the September quarter to hit the $1 billion mark…
Legacy systems hamper claims improvement: ASIC
24 October 2016
Life insurers must overhaul legacy systems to better handle claims, the Australian Securities and Investments Commission says…
MLC sells direct cover though NAB network
24 October 2016
MLC Life Insurance will distribute a simple product through NAB’s 760 branches, cutting out financial advisers…
Adviser standards reforms to reach Parliament
17 October 2016
Legislation setting professional standards for financial advisers will be introduced to Parliament this month, Financial Services Minister Kelly O’Dwyer says…
ASIC lines up further surveillance following claims probe
17 October 2016
The Australian Securities and Investments Commission’s six-month review of the life insurance industry has found more than 90% of claims are paid…
BT hits out at ASIC over rejected claims figures
17 October 2016
BT Financial Group says it is the life insurer cited in an Australian Securities and Investments Commission report as declining 37% of total and permanent disability claims…
O’Dwyer introduces regulated commissions, clawback legislation
17 October 2016
Advisers will avoid clawback provisions if a life insurance policy is sold on a level commission or with a fee for service…
AFA backs adviser remuneration reform
17 October 2016
The Association of Financial Advisers has backed the Federal Government’s legislation limiting life insurance commissions…
Heart disease a ‘hidden killer’ of women
17 October 2016
Cardiovascular disease is the leading killer of Australian women, despite perceptions they are less at risk than men, a study has found…
Life code feedback may assist future drafts
17 October 2016
The Financial Services Council says some points raised in submissions may be incorporated into future revisions of the Life Insurance Code of Practice…
Finalised life code: spruiked and panned
17 October 2016
Adviser associations have remained silent on the Financial Services Council’s Life Insurance Code of Practice…
ASIC offers update on CommInsure probe
17 October 2016
The Australian Securities and Investments Commission’s investigation into CommInsure continues, with the regulator yet to reveal any outcomes…
Aviva and Centrepoint settle PIS dispute
17 October 2016
Centrepoint Alliance has settled its dispute with Aviva Asia Holdings over the 2012 sale of Professional Investment Services’ Singapore business…
Fitch affirms Nippon Life rating
17 October 2016
Fitch has maintained Nippon Life’s insurer financial strength and long-term issuer default ratings at A, while keeping the outlook at negative…
CommInsure faces further parliamentary scrutiny
10 October 2016
CommInsure must give documents supporting its life cover claims decisions to the House of Representatives Economics Committee…
MLC replaces legacy systems in Nippon move
10 October 2016
MLC Life Insurance will replace its legacy back-office systems under its takeover by Nippon Life…