Welcome to the Financial Services Bulletin, April 2017
We are excited to release the final three parts of TurksLegal's 'What the Life Insurance Code of Practice means for...' series which translates the key elements of the Financial Services Council’s Life Insurance Code of Practice from the perspective of the insurer, and how it affects:
- Coverage, Complaints and Governance (Part 1);
- Claims (Part 2 released in December 2016);
- New Business and Underwriting (Part 3); and
- Sales, Marketing and Communications (Part 4).
These handy guides can be accessed using the links above and on the TurksLegal website.
As a reminder, the updated edition of TurksLegal's ‘Life Guide’ was released in February. If your company is a TurksLegal client you can register for a copy of the Guide here. The updated Guide is available automatically to all clients who have previously registered.
Please read on for the latest industry news, important case law developments, a selection of FOS determinations and TurksLegal Q&A.
We hope you enjoy this edition of the FSB!
Proposed design and distribution obligations
In December 2016, the Australian Government issued the Design and Distribution Obligations and Product Intervention Power Proposals Paper, read more
TurksLegal proud sponsor of 2017 FSC Life Insurance Award for Best Industry Research
TurksLegal sponsored the Best Industry Research Award at this year’s FSC Life Insurance Awards. The winners were announced at the FSC Annual Life Insurance Awards dinner in Sydney in March, read more
What’s the Latest In Group?
The 2017 ANZIIF Group Life Seminar will take place in Melbourne on Tuesday 30 May and in Sydney on Tuesday 6 June, read more
CASES AND TRIBUNAL DECISIONS
Waiving goodbye to Legal Professional Privilege
The Queensland Local Government Superannuation Board v Lynda Allen  QCA 325
In this decision, the plaintiff sought declarations that the decisions of a superannuation fund to decline her claim for TPD benefits were void and that she was entitled to that benefit under the trust deed, read more
The Contract of Insurance: a sum of many parts
Montclare v MetLife Insurance Ltd  VSCA 336
This case clearly demonstrates that the terms of a contract of insurance can be found in more than one document, even if those documents are partially inconsistent and highlights the need for insurers to maintain good record keeping practices to assist with the determination of rights and liabilities should disputes arise, read more
Fraud doesn’t extinguish innocent beneficiary’s claim
Australian Executor Trustee Ltd v Suncorp Life & Superannuation Ltd  SADC 89
In this decision, the court found that the insureds were involved in a plan to burn down the house for the purposes of obtaining the benefit of the home and contents insurance policy, read more
RECENT FOS DECISIONS
Terminal Illness – a Galaxy of Difference
In this edition of TurksLegal Q&A, we respond to a client's question about terminal illness claims, read more