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MPs set April date for insurance scrutiny

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The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in April as part of its ongoing review of financial institutions.

The public hearing will be held in Sydney on April 28 and 29 at the NSW Parliament and follows a grilling of super industry representatives by the committee in November.

Treasury plans to extend the Banking Executive Accountability Regime (BEAR) to insurers, as recommended by the Hayne royal commission. The new regime “is intended to increase the transparency and accountability of financial entities in these industries and improve risk culture and governance”.

The Insurance Council of Australia says it welcomes the opportunity to detail work being done by the general insurance industry to improve consumer outcomes, in particular its new code of practice.

Further information detailing who will appear and the agenda were not yet available.

An audio broadcast of the April hearings will be available.