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.

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!

Industry News

Proposed design and distribution obligations
In December 2016, the Australian Government issued the Design and Distribution Obligations and Product Intervention Power Proposals Paper

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

Cases and Tribunal Decisions

Waiving goodbye to Legal Professional Privilege
The Queensland Local Government Superannuation Board v Lynda Allen [2016] 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

The Contract of Insurance: a sum of many parts
Montclare v MetLife Insurance Ltd [2016] 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

Fraud doesn’t extinguish innocent beneficiary’s claim
Australian Executor Trustee Ltd v Suncorp Life & Superannuation Ltd [2016] 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

Recent FOS Decisions

• PECs and Diagnosis
• What was that Question?

TurksLegal Q&A
Terminal Illness – a Galaxy of Difference
In this edition of TurksLegal Q&A, we respond to a client's question about terminal illness claims

This publication is copyright and no part may be reproduced in any form without the permission of TurksLegal. This bulletin is current at its date of publication. While every care has been taken in its preparation, it does not constitute legal advice and should not be relied upon for this purpose. Specific legal advice should be sought on particular matters. TurksLegal does not accept responsibility for any errors in or omissions from this publication. For any enquiries, please contact one of the Partners at TurksLegal.