Industry News
The unfair contract terms reforms were introduced into Federal Parliament last week under the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Bill 2019 (the Bill). Schedule 1 to the Bill gives effect to recommendation 4.7 of the Financial Services Royal Commission to extend the existing protections under the Australian Securities and Investment Commission Act 2001 (ASIC Act) to insurance contracts governed by the Insurance Contracts Act 1984 (ICA).
Background
In Report 498 (2016), ASIC promised a standalone investigation of TPD after finding an average 16% TPD decline rate, which in their view, was unacceptably high.
That review is now complete and has resulted in report 633 ‘Holes in the safety net: A review of TPD insurance claims’.
The review involved an investigation of seven life insurers representing 65-70% of TPD market in the target calendar years of 2016 and 2017.
In August 2019, the Federal Treasurer, Josh Frydenburg released the Federal Government’s Implementation Roadmap which sets out a timeline for the enactment of the recommendations of the Banking, Superannuation and Financial Services Royal Commission.
In this edition of the Bulletin we will begin to give you a brief tour of some of the more significant points of interest on the roadmap and their implications for the life insurance industry.
TurksLegal and ALUCA Mental Health and Life Insurance Panel discussion
Summary
Published | author author
We are excited to announce Tracey Hind, Claims Manager at Insurance House as the winner of the 2019 Bright Light Award!
Brought to you by TurksLegal and ANZIIF, the Bright Light Award gives individuals and teams the chance to showcase an idea or view on general insurance claims through multi-media of their choice. Finalists are given the opportunity to develop their idea further in an interview with industry experts who sit on the Bright Light Judging Panel.
Published | krystal prasad
TurksLegal and Women in Banking and Finance (WiBF) are delighted to announce Rowena Rees-Poole, Head of Communications, Media & Technology, Client Solutions Group, Institutional Banking & Markets, Commonwealth Bank as the winner of the 2019 TurksLegal WiBF Leadership Scholarship.
Published | author author
TurksLegal is pleased to announce that Adele Fletcher, Partner; Dominic Maait, Partner; Sam Kennedy, Partner & Lian Chami, Partner have been recognised as leading lawyers for their achievements in the 2019 Doyle’s Guide.
Adele, Dominic & Sam have been recommended as ‘leading New South Wales Defendant Workers Compensation Lawyers’.
Lian has been recommended as ‘leading New South Wales Defendant Asbestos & Dust Diseases Lawyers’.
Legislative Developments
There are no legislative developments to report this month.
Recent News
Media release 6.11.19: Insurance and Care NSW (icare) has announced that Allianz, EML and QBE have been reappointed along with GIO (newly appointed) to provide claims management services for the NSW Treasury Managed Fund (TMF). The new contracts for existing claims managers will commence from 1 January 2020 with GIO to commence following implementation of the icare technology platform.