Nib seals Kiwi Insurance acquisition
09 May 2022
Nib Holdings has completed its $NZ45 million acquisition of Kiwi Insurance after the deal secured regulatory clearance...
Life Insurance
Synchron director appointed as chairman
09 May 2022
Synchron Director Don Trapnell will take over as Chairman from Michael Harrison, who is retiring after 15 years with the business...
Majority not aware of 'stapling' reform, MLC report finds
02 May 2022
More than half of superannuation fund members have not heard of the Federal Government’s “stapling” reforms and just 25% say they understand what they are covered for under their life policies, according to a report by MLC Life Insurance...
Fitch expects Resolution Life to make move for more 'runoffs'
02 May 2022
Fitch Ratings says it expects Resolution Life Australasia to acquire more “runoff” business as a way to diversify its balance sheet, noting ongoing changes in the life sector have given rise to “potential” investment targets...
Insurer failed to provide notice about premium changes: AFCA
02 May 2022
MLC failed to give the required one month’s written notice when it raised the critical illness premiums of a policyholder, the Australian Financial Complaints Authority says in a dispute ruling...
ALUCA names excellence awards nominees
02 May 2022
The Australasian Life Underwriting and Claims Association has released the shortlist of contenders in the running for its annual excellence awards...
New WA advice businesses launched
02 May 2022
Perth-based PFP Financial Services and Personal Financial Planners have commenced operations, focusing on WA SMEs, business professionals and high net worth clients...
Advisers told 'biggest shake-up' may result from advice review
26 April 2022
The Treasury-led Quality of Advice review may lead to the “biggest shake-up” seen in years for the advice industry, Adviser Ratings says, as efforts to reverse the sector’s decline continue...
Financial planners 'exploring' PI options as AIG pullout looms
26 April 2022
The Financial Planning Association has voiced its concerns again over the state of the professional indemnity insurance market in Australia, after it emerged that AIG will cease offering the product to financial planners later this year...
Compare Club acquires life broker
26 April 2022
Compare Club has acquired Melbourne-based broker Lifelong Insurance Solutions, a move the comparator says is aimed at strengthening its presence in the life space...
'Incorrect' outcome main reason for reversed life claims
26 April 2022
About 73% of reversed disability income insurance claims were changed after the initial decision was determined to be incorrect, according to new data from the Australian Prudential Regulation Authority...
AIA appoints new general counsel
26 April 2022
AIA Australia says it has appointed Kristy Redfern as General Counsel, with effect from May 30...
ASIC withdraws covid support measures for advisers
11 April 2022
Relief measures introduced during the pandemic to support advisers, including giving more them more time to prepare statements of advice, will stop on Friday...
Westpac subsidiary hit with $20 million penalty over insurance commissions
11 April 2022
The Federal Court has ordered Westpac-owned BT Funds Management to pay a $20 million penalty for incorrectly charging superannuation members insurance premiums that included commission payments...
Covid lockdowns 'exacerbated' mental health challenges: AIA
11 April 2022
Lockdown measures aimed at suppressing coronavirus after the pandemic broke out in March 2020 have taken a toll on mental wellbeing, AIA says in a new report...
Westpac told to reimburse IP premiums for providing misleading advice
11 April 2022
Westpac gave misleading advice when it arranged for a customer to acquire an income protection (IP) insurance policy that only provided benefit payments if an injury left the insured “severely disabled” and must reimburse him for the premiums paid, the Australian Financial Complaints Authority says in a dispute ruling...
Frontier Advisors appoints principal consultant
11 April 2022
Australian investment consultancy Frontier Advisors says Cecily Williams has joined as Principal Consultant, a senior client-facing role across a range of sectors such as insurance and superannuation investors...
MLC backs cancer screening awareness program
11 April 2022
MLC Life Insurance has teamed up with TelstraSuper to pilot a cancer screening awareness program...
Almost half of claims decisions reversed after customer complaints
04 April 2022
Life insurers reversed about 45% of claims decisions following a customer complaint, raising concerns over whether they are assessing claims properly and the adequacy of service provided to policyholders...
Industry backs federal budget spending on mental health support
04 April 2022
The Financial Services Council has welcomed the additional $547 million in Commonwealth funding for mental health programs, as outlined in the Federal Budget 2022/23 last week by Treasurer Josh Frydenberg...