Policy terms allowed insurer to raise level premium rates, AFCA rules
22 August 2022
A complainant who says he was “misled” into believing large rate increases would not occur with a level premium policy has lost his dispute...
Life Insurance
Challenger’s life business books 18% rise in pre-tax earnings
22 August 2022
Challenger’s life business performed strongly in the last financial year, achieving a 18.4% rise in normalised earnings before interest and tax to $472.3 million from the prior corresponding 12-month period...
MLC aims to grow group business after Maritime Super extends partnership
22 August 2022
MLC Life Insurance is looking to increase its share of the group insurance market as the business announced it has been re-appointed as Maritime Super’s insurance partner, effective last month...
Survey reveals New Zealanders think ACC scheme covers pain, illness
22 August 2022
New Zealanders do not really understand how the country’s no-fault accidental injury compensation scheme works, potentially leaving them without critical life insurance coverage, according to new research from Partners Life...
Use of 'level' premium term confusing for consumers: AFCA
15 August 2022
The Australian Financial Complaints Authority says the term “level” premium is confusing for life policyholders, leading many to believe the premiums they pay will not change...
ASIC funding review: advisers flag levy concerns as 'freeze' set to end
15 August 2022
Financial advisers and planners have voiced concerns about upcoming levy cost burdens after the Federal Government announced Treasury has commenced a review of the Australian Securities and Investments Commission industry funding model...
Quality of Advice Review: MLC presses for 'more advice, not less'
15 August 2022
MLC Life Insurance has highlighted the need to ensure Australians have access to advice as the industry awaits the release of an interim paper from Quality of Advice independent reviewer Michelle Levy...
Adviser standards consultation to start soon: Financial Services Minister
15 August 2022
The Albanese Government has outlined its plans for the financial advice sector, more than two months after taking office...
ASIC surveillance finds 'compliance issues' with trustees’ IDR practices
15 August 2022
The corporate regulator has found “indicators of significant compliance issues” over the way some superannuation trustees are managing their internal dispute resolution schemes, potentially placing them in breach of rules that commenced last year...
NZ regulator takes action against Cigna over 'indexation' of life premiums
15 August 2022
New Zealand’s Financial Markets Authority has filed court proceedings against Cigna over “indexation increases” the business applied to more than 52,000 life policyholders, causing them to pay $NZ13.5 million in additional premiums for the increased cover that it provided...
FPA pushes for 'broad-based' compensation scheme of last resort
15 August 2022
The proposed compensation scheme of last resort must be “broad-based” so that it will cover all victims of financial misconduct, the Financial Planning Association says...
Integrity Life appoints group life insurance administrator
15 August 2022
Integrity Life announced today it has entered into a working partnership with Australian Group Insurances (AGI), a third-party insurance administrator...
Industry urged to 'articulate' value of life advice
08 August 2022
ClearView has urged the industry to use the “power of storytelling” to highlight the value of life insurance advice to consumers, regulators and policymakers...
'Move fast' on market opportunities, life insurers told
08 August 2022
Plenty of growth opportunities await life insurers in Australia and the broader Asia Pacific region but they must “move fast” to capture the huge market of uninsureds, Munich Re Automation Solutions says...
Zurich finalises OnePath life business transfer, integration
08 August 2022
Zurich Australia has finalised the transfer and integration of the life insurance business of OnePath Life, after submitting a Federal Court application for the arrangement...
Resolution Life deepens investment expertise with new recruits
08 August 2022
Resolution Life Australasia has made key appointments to its investment team...
FSC names new directors
08 August 2022
The Financial Services Council has announced the appointment of two new directors to its board...
TAL seals Westpac life acquisition
01 August 2022
TAL Dai-ichi Life Australia announced today the completion of its acquisition of Westpac’s Australian life business, a year after the two parties agreed to the deal...
Financial planners say drop in complaints 'encouraging'
01 August 2022
The Financial Planning Association (FPA) has responded to the latest complaints data, saying a sharp drop in disputes is an “encouraging” development for the profession...
Resolution Life Australasia names new CEO
01 August 2022
Resolution Life Australasia says Tim Tez will join the business as CEO this February, taking over from Megan Beer...