insuranceNEWS.com.au https://www.insurancenews.com.au/ General insurance and financial services news from Australia and around the world en-au admin@insurancenews.com.au Copyright 2022 Life insurers move to set up new peak body https://www.insurancenews.com.au/life-insurance/life-insurers-move-to-set-up-new-peak-body https://www.insurancenews.com.au/life-insurance/life-insurers-move-to-set-up-new-peak-body 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...

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Mon, 27 Jun 2022 13:49:00 +1000
New life code carries $100,000 penalty for 'significant' breaches https://www.insurancenews.com.au/life-insurance/new-life-code-carries-100000-penalty-for-significant-breaches https://www.insurancenews.com.au/life-insurance/new-life-code-carries-100000-penalty-for-significant-breaches 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...

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Mon, 27 Jun 2022 13:48:00 +1000
Upfront life commissions should be raised: The Advisers Association https://www.insurancenews.com.au/life-insurance/upfront-life-commissions-should-be-raised-the-advisers-association https://www.insurancenews.com.au/life-insurance/upfront-life-commissions-should-be-raised-the-advisers-association 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...

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Mon, 27 Jun 2022 13:47:00 +1000
Adelaide adviser charged with falsifying company books https://www.insurancenews.com.au/life-insurance/adelaide-adviser-charged-with-falsifying-company-books https://www.insurancenews.com.au/life-insurance/adelaide-adviser-charged-with-falsifying-company-books 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...

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Mon, 27 Jun 2022 13:46:00 +1000
AFCA rules 90-day 'elimination' clause applies in trauma claim dispute https://www.insurancenews.com.au/life-insurance/afca-rules-90-day-elimination-clause-applies-in-trauma-claim-dispute https://www.insurancenews.com.au/life-insurance/afca-rules-90-day-elimination-clause-applies-in-trauma-claim-dispute 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...

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Mon, 27 Jun 2022 13:44:00 +1000
Resolution Life makes key leadership appointments https://www.insurancenews.com.au/life-insurance/resolution-life-makes-key-leadership-appointments https://www.insurancenews.com.au/life-insurance/resolution-life-makes-key-leadership-appointments Resolution Life Australasia has announced two key leadership appointments, aimed at supporting its goal to be the “leading” in-force specialist life insurer in the region...

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Mon, 27 Jun 2022 13:43:00 +1000