AIA announces digital partnership with NZ platform
18 July 2022
AIA New Zealand has launched a digital direct partnership with insurance platform Quashed to distribute its AIA Starter Plans products...
Life Insurance
Court finds Select engaged in 'unconscionable conduct' to sell life, funeral products
11 July 2022
Select AFSL and its sales partners, BlueInc Services and Insurance Marketing Service, engaged in unconscionable conduct when selling life, funeral and accidental injury insurance, the Federal Court has found in proceedings launched by the Australian Securities and Investments Commission...
FSC sets out why commissions should stay
11 July 2022
The exemption to the ban on conflicted remuneration for life risk insurance products should stay, the Financial Services Council says in a detailed submission explaining why the current commission-based model helps consumers...
'Flawed logic': advisers rebut calls for life commissions ban
11 July 2022
The Association of Financial Advisers has pushed back against calls for life commissions to be banned, dismissing arguments as “flawed logic” as the Treasury-led Quality of Advice Review prepares to provide its report to the Government by December 16...
Insurer 'adequately' disclosed stepped premiums, cover extension: AFCA
11 July 2022
An AIA income care policyholder who complained the insurer extended his policy up to age 70 without informing him and raised his monthly premium by 450% instead of 9.5% as stated in a letter has lost his dispute...
AFA seeks awards nominations
11 July 2022
The Association of Financial Advisers is seeking nominations for adviser of the year and female excellence in advice...
Australian Group Insurances appoints CEO
11 July 2022
Third-party insurance administrator Australian Group Insurances says Benno Lyakurwa has taken up the newly created CEO role...
NSW floods: AIA offers premium waver, policy suspension
11 July 2022
AIA Australia is offering premium waiver and policy suspension options as part of a new assistance package for its customers affected by the latest NSW flood...
Climate change is greatest health threat: AIA
04 July 2022
Life insurer AIA has released a report highlighting the “inextricable link” between the environment and public health, with climate change singled out as the greatest global threat...
Up and away with TAA: Adviser peak bodies merge
04 July 2022
Members of the Authorised Representatives Association members have voted to close the peak body, joining The Advisers Association at the start of this month...
Videos promote paperless advice statements
04 July 2022
The Financial Planning Association has prepared a series of 14 videos to help its members provide statements of advice to clients via a video format while remaining within the regulatory framework...
MLC Life moves on advisers' feedback
04 July 2022
MLC Life Insurance has made a series of enhancements to its retail products following feedback from advisers...
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...
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...