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10 August 2020
Stakeholders have been invited to provide feedback on proposed product intervention measures relating to add-on insurance sold with motor vehicles by August 19.
The Australian Securities and Investments Commission (ASIC) has amended changes it drafted after earlier consultation in October as part of the response to the Hayne royal commission.
The regulator says the latest feedback will help ASIC consider whether, and if so how, to exercise the product intervention power.
A planned deferred sales model addresses what ASIC says are unique risks that consumers experience when offered add-on products in relation to the sale of motor vehicles.
ASIC first released its “Taking consumers for a ride” report on the matter in 2016 and has already secured remediation with 11 insurers, one underwriting agency and one warranty provider and refunded more than $130 million to more than 245,000 consumers.
The amendments made by ASIC to the previous draft order can be seen here.
Submissions should be sent by August 19 to email@example.com.