CBA receives further payment from CommInsure divestment
06 April 2020
Commonwealth Bank has received further payment of about $865 million from AIA as part of the sale agreement for its life business CommInsure...
Life Insurance
FSC backs strengthened compliance, enforcement
06 April 2020
The Financial Services Council supports greater compliance and enforcement activities aimed at strengthening the legality and penalty framework of the current unfair contract terms regime...
Life industry faces 'rough ride' from pandemic disruption: S&P
30 March 2020
Australia's life insurers and its Asia Pacific counterparts are in a for a "rough ride" as the coronavirus pandemic wreaks havoc on the global financial markets, S&P Global Ratings has warned...
TAL changes underwriting guidelines to reflect pandemic risk
30 March 2020
New TAL life policyholders may be offered "modified terms" after the insurer moved to change its underwriting guidelines to take into account risks arising from the coronavirus pandemic...
TAL waives pandemic exclusion from super-linked policies
30 March 2020
TAL has agreed to waive the pandemic exclusion that comes with policies that are sold through its four superannuation funds partners – TWU Superannuation Fund, NGS Super, UniSuper and Prime Super...
WA adviser hit with four-year ban
30 March 2020
A WA adviser has been banned from the industry for four years over his failure to comply with financial services laws...
Challenger moves to cushion life business from virus fallout
30 March 2020
Challenger has announced measures to ensure its life business is sufficiently capitalised to weather the financial market volatility caused by the coronavirus pandemic...
Early super offer 'could leave some uninsured'
30 March 2020
Australians taking up an offer to access up to $10,000 of their retirement savings tax-free this year are advised to be careful not to trigger automatic cancellation of their superannuation insurance...
AMP withdraws guidance, says Life sale on track
30 March 2020
AMP has withdrawn the earnings guidance it issued just last month, but says the sale of its life insurance business is still on track to be completed by the end of June...
AIA appoints Mercer's Walsh as Chief Life Insurance Officer
23 March 2020
AIA Australia has appointed Marsh and McLennan Chief Country Officer Ben Walsh to the newly created role of Chief Life Insurance Officer, effective from June...
Don’t cancel super insurance during crisis: law firm
23 March 2020
A government plan to automatically cancel some superannuation insurance next month should be put on ice given the uncertainty over the COVID-19 pandemic, law firm Slater and Gordon says...
FSC clarifies pandemic exclusions in life covers
23 March 2020
The life industry has provided further clarification on pandemic exclusions after an original statement was withdrawn last week...
HESTA clarifies pandemic exclusion status
23 March 2020
HESTA has confirmed today that AIA Australia, the underwriter of the super fund’s life insurance covers, will not invoke the pandemic exclusion that comes with the policies...
Industry fears 'adverse impact' from APRA's data transparency plan
23 March 2020
The Financial Services Council has urged the prudential regulator to review its plans for improving the transparency of published data...
AMP Life cops fine for administrative ineptitude
23 March 2020
AMP Life has been charged a penalty of $275,500 for breaching reporting rules on more than 10,000 derivative transactions over the course of 32 months...
Pacific Life Re appoints Jennifer Lang to board
23 March 2020
Pacific Life Re Australia has appointed former CommInsure CFO and Chief Actuary Jennifer Lang to its board...
Income protection tops AFCA life complaints
16 March 2020
Income protection products drew the most complaints about a life insurance product in the second half of last year, Australian Financial Complaints Authority data shows...
Insurers should pay clients for breaching life code: law firm
16 March 2020
Maurice Blackburn has flagged possible legal action if life insurers found to have breached the industry code "decide not to do the decent thing" by compensating affected clients...
Life policies have no coronavirus exclusions: FSC
16 March 2020
There are no exclusions in existing life policies for coronavirus-related claims, the Financial Services Council says in a statement on behalf of the life industry...
Convicted murderer has no claim to wife's insurance payout: court
16 March 2020
A Federal Court judge has ruled a former policeman who was convicted of murdering his wife has no right to claim the payout from a life insurance policy the couple had jointly taken out weeks before her death...