Wednesday, May 22, 2019

Aussie Regulator Ultimatum to Insurers on Income Protection

The Australian Prudential Regulatory Authority has sent letters to insurers in which it calls on them to urgently address concerns it has with the sustainability of individual disability income insurance. The regulator says its concern...

Poll

Latest Poll – Capped Commissions Coming to NZ?

The Government is considering capping up-front life insurance commissions and potentially trail too, as detailed in an options paper for its Conduct of Financial Institutions review (see: Government Considers Capping Commissions…). In the options paper,...

Review of Insurance Contract Law Options Paper Released 

  The Government has released an options paper for consultation on its review of insurance contract law. The review aims to: Improve consumer understanding around disclosure obligations Protect consumers from genuinely unfair contract terms Improve the...

Pros and Cons of a Commission Cap

In the Government’s recently released options paper on its review of the Conduct of Financial Institutions, (see: Government Considers Capping Commissions…) the pros and cons of capping life insurance commissions for intermediaries are addressed. Under...

Government Considers Capping Commissions

The Government is considering the possibility of capping upfront and/or trail commissions for intermediaries of insurers and banks and banning products that lead to poor customer outcomes, as revealed in an options paper for...

ASIC Focus on Client Best Interests

For the third consecutive week, Australian regulator ASIC has announced action against advisers over client best interests failures. The latest banning involves two Sydney-based operators – Jeffrey Worboys and Matthew Barnett – who were, until February 2018, joint chief...

TAL Launches New Consumer Engagement Campaign

TAL has announced the launch of a new consumer-facing digital campaign focusing on the value of life insurance. Through this new campaign, the insurer says it is endeavouring to address what it refers to as...

Partners Life Recommences ‘Get Life Right’ Campaign  

Partners Life has recommenced its 'Get Life Right' campaign, following its suspension in response to the Christchurch tragedy on the 15 March, it confirmed in an update to advisers. The campaign’s TV commercial returned on...

FMA Updates Adviser FAQs

The Financial Markets Authority has updated the FAQs section of its website, to reflect the questions raised during the recent Financial Services Council summits. Questions regarding the new legislation and licensing requirements are addressed to...

Southern Cross Invests in Digital Human 

Southern Cross Health Society has announced it will launch an artificial intelligence (AI)-powered digital assistant in 2019, claiming to be a world-first step for a health insurer. Built using AI company FaceMe’s Intelligent Digital Human...