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 …
Tag: term
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.
Recommendation 4.13
Undertake a review of the merits of universal terms for MySuper products From 28 March to 26 April 2019, the Government consulted on a consultation paper: Universal terms for insurance within MySuper. The Government is considering its response to the Read More …
Implementation Roadmap
Financial Services Royal Commission Implementation Roadmap August 2019 Restoring trust in Australia’s financial system © Commonwealth of Australia 2019 This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the Commonwealth Read More …
Review of the effects of vertical and horizontal integration in the financial system
The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …
4.13 — Universal terms review
Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Government Response The Government agrees to review the merits of legislating universal key Read More …
4.7 — Application of unfair contract terms provisions to insurance contracts
The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended to provide a definition of the ‘main subject matter’ of an insurance Read More …
Recommendations – Insurance
Recommendation 4.1 — No hawking of insurance Recommendation 4.2 — Removing the exemptions for funeral expenses policies Recommendation 4.3 — Deferred sales model for add‑on insurance Recommendation 4.4 — Cap on commissions Recommendation 4.5 — Duty to take reasonable care Read More …
1.16 — 2019 Banking Code
In respect of the Banking Code that ASIC approved in 2018, the ABA and ASIC should take all necessary steps to have the provisions that govern the terms of the contract made or to be made between the bank and Read More …
Government Response
The Government Response into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry February 2019 Restoring Trust in Australia’s Financial System © Commonwealth of Australia 2019 This publication is available for your use under a Creative Read More …