PPS Mutual adds to Victoria team
10 July 2023
PPS Mutual has appointed Bill Zaicos as its new Senior Business Development Manager in Victoria...
Life Insurance
New life code starts
03 July 2023
The new Life Insurance Code of Practice comes into force at the start of this month, introducing more than 50 new consumer protection measures including a financial penalty of up to $100,000 for significant breaches and an extension of the moratorium on genetic testing...
Advisers concerned over increase in ASIC levy
03 July 2023
Financial advisers have questioned the Australian Securities and Investments Commission’s estimates of cost recovery levies for this financial year, warning they may have to pass on the increases to consumers...
Research backs case for laws around genetic testing results
03 July 2023
Australian academics say people are avoiding potentially life-saving genetic testing because they fear it will affect their life insurance policies...
Car crash victim loses dispute over "out of action” policy benefit
03 July 2023
An income protection policyholder who sought compensation following a serious car accident has lost his claims dispute after failing to show that his injuries caused him to be unable to work for more than 28 days...
ASIC warns super trustees “not doing enough” to clamp down on duplicate accounts
03 July 2023
The Australian Securities and Investments Commission has engaged with super trustees to ensure efforts are being made to consolidate duplicate member accounts following a review that found “troubling” practices from observed groups...
Last resort compensation scheme: advisers concerned over ‘running costs’
26 June 2023
The Financial Advice Association Australia has raised concerns over the future costs of running the Compensation Scheme of Last Resort after government funding for the program’s first year of operation ends...
Advisers want ‘guardrails’ to go with advice reforms
26 June 2023
The Advisers Association has urged the Federal Government to put up “guardrails” as it proceeds with expanding access to retirement advice and exploring new advice channels...
Husband’s life insurance claim rejected due to misrepresentation
26 June 2023
A widower has failed to win a life insurance payout because his wife did not declare ongoing alcohol induced pancreatitis...
Life peak body announces board change
26 June 2023
The Council of Australian Life Insurers has announced a new board director and member representative...
Zurich creates affordability guide for life customers
26 June 2023
Zurich has published a guide explaining how customers can tweak policy settings to make their life insurance more affordable...
Government urged to ease advice restriction on life insurers
19 June 2023
Life insurers have urged the Federal Government to consider allowing them to provide “limited advice” as Treasury prepares to consult on legislative changes to allow super funds to offer personal advice to members...
Rise in adviser numbers offers ‘glimmer of hope’
19 June 2023
More than 600 financial advisers joined the industry in the March quarter, the first rise in over three years and there was an increase of 213 licensees during the period, financial services researcher Rainmaker Information says in a new report...
ALUCA names excellence award winners
19 June 2023
The Australasian Life Underwriting and Claims Association has announced the winners of its annual excellence awards and conferred its top Life Membership honours on Carly Van Den Akker of Swiss Re and John O’Leary of TAL...
Challenger leads life industry with $264 million profit: APRA data
19 June 2023
Challenger Life Company made $264 million in net profit last year, making it the best performing life (re)insurer, according to annual data from the Australian Prudential Regulation Authority for financial years ended in the 12 months to December...
HCF launches life product in collaboration with insurtech
19 June 2023
HCF Life has launched a new life insurance offering in collaboration with insurtech UnderwriteMe...
New Life Code set for July start, consumer guide on premiums launched
05 June 2023
The revamped Life Code of Practice will come into force on July 1, providing more than 50 new customer protection measures including a financial penalty of up to $100,000 for significant breaches, support for policyholders experiencing domestic violence and banning blanket mental health exclusions...
‘Unfair and unreasonable’: insurer denied broad access to claimant’s medical details
05 June 2023
An income protection policyholder who refused to sign a form giving his insurer “broader” authority to obtain information from any health provider to continue assessing his claim has won his dispute...
NZ regulator seeks penalty against mutual over alleged fair dealing breaches
05 June 2023
The Financial Markets Authority has commenced court proceedings against Medical Assurance Society and its subsidiaries, alleging they failed to properly apply inflation adjustments, failed to apply multi-policy discounts and underpaid eligible life and disability claims...
Auckland to host inaugural Trans-Tasman financial services summit
05 June 2023
The first Trans-Tasman Strategic Leaders Summit for the financial services sector will take place in Auckland next year...