A general recommendation is that, as far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated (Recommendation 7.3). In this way, the first, and essential, step to take is Read More …
Tag: claims handling
Claims handling
Recommendation 4.8 – Removal of claims handling exemption The handling and settlement of insurance claims, or potential insurance claims, should no longer be excluded from the definition of ‘financial service’.
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 15: Insurance submissions: Key themes Claims handling The Commission received over 430 submissions that primarily focused on Read More …
11.3 What the case study showed
11.3.1 Misconduct AAI accepted that it had contravened the General Insurance Code of Practice in four ways in the course of its dealings with the Healds. First, AAI accepted that it had breached clause 7.2, which required it to conduct Read More …
10.2 Evidence
AAI issues 37 home and contents insurance products through 13 different brands, including AAMI.[1] Generally speaking, AAI’s home and contents policies are ‘sum insured’ policies, which require the policyholder to nominate the amount for which their home and contents will Read More …
9.3 What the case study showed
9.3.1Ms Murphy’s claim In his evidence in relation to Ms Murphy’s claim, Mr Storey accepted that: Youi failed to handle Ms Murphy’s claim in an honest, fair and transparent manner, as required by clause 7.2 of the General Insurance Code Read More …
9.2 Evidence
9.2.1Sacha Murphy Ms Murphy took out a home and contents insurance policy with Youi in 2012.[1] In November 2016, there was a severe hail storm in Broken Hill that caused damage to Ms Murphy’s roof.[2] In January 2017, Ms Murphy Read More …
Introduction
In its sixth round of hearings, the Commission examined the insurance industry. It did so by reference to case studies involving all stages of the insurance process: the design of insurance products was considered in the CommInsure and IAG case Read More …
4.5 Status of Industry Codes
As I explained in the Introduction to this Report and in the chapter on banking, I consider it important that some provisions of industry codes be picked up and applied as law, so that breaches of those provisions will constitute Read More …
4.4 Claims handling
The handling and settlement of insurance claims, or potential insurance claims, is now carved out from the definition of ‘financial service’ by regulation 7.1.33 of the Corporations Regulations.[1] As a result, some of the general obligations set out in section Read More …