Recommendation 4.1 – Hawking InsuranceNo hawking of insurance products Recommendation 4.2 – Funeral Expenses ExemptionsRemoving the exemptions for funeral expenses policies Recommendation 4.3 – Insurance – Deferred Sales ModelDeferred sales model for add-on insurance Recommendation 4.4 – Vehicle Dealer CommissionCap Read More …
Tag: insurance
I – R
Insurance – Claims Handling Exemption Recommendation 4.8 – End 2019Removal of claims handling exemption for insurance Insurance – Deferred Sales Model Recommendation 4.3 – June 2020Deferred sales model for add-on insurance Insurance – Misrepresentation Recommendation 4.5 – June 2020Duty to Read More …
June 2020
Enforceable Code ProvisionsRecommendation 1.15Enforceable code provisions for industry codes of conduct Mortgage Brokers – Reference CheckingRecommendation 1.6Reference checking and information sharing for mortgage brokers Point of Sale ExemptionRecommendation 1.7Removal of Point of Sale Exemption Financial Advice Annual RenewalsRecommendation 2.1Annual Renewal Read More …
ASIC
Recommendation 2.5 – Life insurance commissions review ASIC will include the factors identified by the Royal Commission in undertaking its post implementation review of the 2017 life insurance reforms. ASIC’s review will take place in 2021. Recommendation 6.2 – ASIC’s Read More …
Recommendation 2.3
Recommendation 2.3 – Review of measures to improve the quality of financial advice – Consistent with the Royal Commission recommendations, the review will examine all exemptions from the ban on conflicted remuneration, including for general insurance, consumer credit insurance, timeshare Read More …
Measures to Improve Consumer Protections
Recommendation 1.7 – Removal of point‑of‑sale exemption Recommendation 1.15 – Enforceable code provisions for industry codes of conduct Recommendation 2.1 – Annual renewal and payment for financial advice Recommendation 2.2 – Disclosure of lack of independence of financial advisers Recommendation Read More …
Measures to improve consumer protections
Recommendation 1.2 – Mortgage broker best interests duty Recommendation 1.3 – Mortgage broker remuneration (consistent with the Government’s response) Recommendation 2.4 – Ending grandfathered commissions for financial advisers (legislation introduced on 1 August 2019) Recommendation 4.2 – Removing the exemptions Read More …
Recommendation 4.8
Removal of claims handling exemption On 1 March 2019, the Government released a consultation paper: Insurance Claims Handling. This paper looks at the removal of the exemption for insurance claims handling from the definition of ‘financial service’ under the Corporations Read More …
Recommendation 4.7
Extending unfair contract terms to insurance contracts On 30 July 2019, the Government released exposure draft legislation to extend the unfair contract terms regime to insurance contracts. Consultation closes on 28 August 2019.
4.14 — Additional scrutiny for related party engagements
APRA should amend Prudential Standard SPS 250 to require RSE licensees that engage a related party to provide group life insurance, or who enter into a contract, arrangement or understanding with a life insurer by which the insurer is given Read More …