Youi criticised over Cyclone Debbie
19 September 2018
Youi is now under fire for its handling of damage to a home in Airlie Beach in Queensland after Cyclone Debbie in March last year.
Royal Commission Live
Youi customer highlights claims issues
19 September 2018
Youi customer Sacha Murphy is highlighting problems she had getting her Broken Hill home repaired after it was damaged in a severe hailstorm in 2016.
Child 'forced to list lost toys'
19 September 2018
Counsel Assisting Rowena Orr has returned and is outlining issues with natural disaster claims.
Swann exits add-on market
19 September 2018
Mr Bessell says Swann has exited the sale of the add-on products through dealerships due to the issues in the market and as the group focuses on its "customer-centric" approach.
Swann preferred 'industry-wide' response
19 September 2018
Swann had preferred to take an industry-wide approach to the add-on insurance issue, through the Insurance Council of Australia, as wider concerns over the products were raised by the regulator, Mr Bessell says.
Bessell under pressure on oversight
19 September 2018
Counsel Assisting Mark Costello has put IAG's Ben Bessell under pressure over Swann's oversight of authorised representatives selling add-on products through motor dealerships.
Royal commission set for 9.30 start
19 September 2018
Proceedings at the royal commission are set to start again at 9:30am with IAG EGM Business Distribution and Group Executive Ben Bessell to continue in the stand.
TUESDAY’S SUMMARY: Allianz under attack over compliance
18 September 2018
TUESDAY'S SUMMARY: Allianz endured another day of painful questioning at the Hayne royal commission.
Swann sold inappropriate products
18 September 2018
Mr Costello asks whether Swann's incentives led to inappropriate sales.
Swann incentives revealed
18 September 2018
There were incentives for dealerships and their employees over and above the commissions.
Swann commission rates revealed
18 September 2018
For gap insurance, Swann rates of commission for the dealerships ranged from 40% to 51%.
Swann business model explored
18 September 2018
Mr Costello is asking about the business model of Swann Insurance, which is owned by IAG.
IAG's Ben Bessell takes stand
18 September 2018
That's it for Ms Callahan and Allianz. Next up IAG on add-on insurance.
Allianz 'did not comply' with prudential standards
18 September 2018
Allianz has accepted that it did not comply with prudential standards.
Allianz processes 'inadequate'
18 September 2018
Ms Orr is pushing Ms Callahan on whether Allianz processes were adequate to ensure compliance with the law.
Deloitte report rejected
18 September 2018
Ms Orr says that Deloitte filed a report in July this year that was highly critical, stating that Allianz's compliance function was significantly under-resourced and "has no formal or recognised authority".
Deloitte workshop reveals concerns
18 September 2018
Ms Orr highlights a workshop led by Deloitte in which Allianz compliance staff raised a number of concerns.
Compliance concerns dismissed as hysterical
18 September 2018
Ms Orr refers to notes from an interview between a senior member of Allianz staff and Deloitte, which include the phrase "why are you being so hysterical".
Critical EY report revised after Allianz protest
18 September 2018
An "independent" EY report that was critical of Allianz's compliance framework was changed after meetings that were "not civil", the Hayne royal commission has heard.
Add-on remediation raised
18 September 2018
Allianz add-on insurance sold through car dealerships is raised as an example of the insurer's failure to monitor third-party distributors of its products.