icare's risk chief moves to MLC Life
04 July 2022
MLC Life Insurance says Jane McGovern, who is currently Group Executive Risk and Governance at NSW Government insurer icare, will join the business as Chief Risk Officer on September 19...
Life Insurance
PPS Mutual appoints business development manager
04 July 2022
PPS Mutual says Brynley Williams has joined as Business Development Manager, reporting to State Manager Queensland Richard Hopwood...
Resolution Life takes full control after buying AMP's stake
04 July 2022
Resolution Life Australasia now has “full ownership” of its operations after acquiring AMP’s remaining 19.3% equity interest in the business...
Life insurers move to set up new peak body
27 June 2022
Australian life insurers have made a “collective” decision to set up a dedicated peak body to advocate on their behalf, following a “significant change” in the industry before and after the Hayne royal commission...
New life code carries $100,000 penalty for 'significant' breaches
27 June 2022
The Life Insurance Code of Practice has been updated with more than 50 new consumer protection measures, including a financial penalty of up to $100,000 for some significant breaches in the form of a community benefit payment to a charity, the Financial Services Council said...
Upfront life commissions should be raised: The Advisers Association
27 June 2022
The Advisers Association says the upfront life insurance commission rate, set at 60% presently, should preferably be raised to 80% or higher in a submission to the Quality of Advice review...
Adelaide adviser charged with falsifying company books
27 June 2022
The corporate regulator says Adelaide adviser Tai Thanh Nguyen, whom it banned permanently in 2019 for dishonest conduct including allowing incorrectly witnessed binding nomination forms to be submitted to insurers, has been charged with seven counts of alleged falsification of company books...
AFCA rules 90-day 'elimination' clause applies in trauma claim dispute
27 June 2022
A complainant whose claim for trauma benefit was declined on grounds that his malignant cancer occurred during the initial 90-day exclusion period of the policy’s commencement date has lost his dispute with Zurich...
Resolution Life makes key leadership appointments
27 June 2022
Resolution Life Australasia has announced two key leadership appointments, aimed at supporting its goal to be the “leading” in-force specialist life insurer in the region...
Advisers warn of 'destructive' impact if commissions are banned
20 June 2022
Banning life insurance commissions would lead to “destructive” consequences, as most Australians have indicated repeatedly in past surveys that they will not pay an upfront fee to receive professional guidance, the Association of Financial Advisers says in a submission...
ALUCA excellence award winners named
20 June 2022
The Australasian Life Underwriting and Claims Association has named the winners of this year’s excellence awards...
MLC Life appoints finance chief as CEO
20 June 2022
MLC Life Insurance says CFO Kent Griffin will take on the CEO role in late October, replacing Rodney Cook who is retiring at the end of the year...
Industry profit tops $1 billion: APRA data
20 June 2022
Life insurers and reinsurers achieved more than $1 billion in combined net profit for financial years ended in the 12 months to December 31, according to latest data from the Australian Prudential Regulation Authority...
OnePath, Cigna admit breaching New Zealand fair dealing provisions
20 June 2022
OnePath and Cigna have admitted liability for breaching New Zealand’s fair dealing provisions in relation to misleading representations that their distribution partner, ANZ, made to certain customers who held credit card repayment insurance...
MetLife consultant named Banking and Finance Oath young ambassador
20 June 2022
MetLife Australia Customer Experience Consultant Kat Ilieska has been named one of eight Banking and Finance Oath Young Ambassadors for 2022...
MLC introduces BMI incentive for customers
20 June 2022
MLC Life Insurance is offering a discount to new customers who fit within a determined range of the Body Mass Index to reward healthier lifestyles...
New report flags ways to improve insurance in super
06 June 2022
Australia’s current insurance in superannuation setup can be further improved in two areas to strengthen member outcomes, a joint report from the Association of Superannuation Funds of Australia (ASFA) and Deloitte has found...
Industry lists priority areas for new Financial Services Minister
06 June 2022
Peak bodies for financial planners and advisers have listed the areas they hope the Federal Labor Government will focus on following the swearing-in of Prime Minister Anthony Albanese and his cabinet...
Insurer caught out over unclear policy term
06 June 2022
MLC has been ordered to settle a complainant’s disability claim after it was ruled to have been “unfair” to deny the woman the disablement benefits she was entitled to after undergoing breast surgery...
Mercy Super partners with Zurich Australia
06 June 2022
Mercy Super has announced that Zurich Australia will be its new insurance partner from August 1...