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Showing 21 - 30 of 113 results for "Code of Practice"

Life insurers are doing their best: FSC

ELIZABETH MCARTHUR  |  THURSDAY, 12 MAR 2020
... cases dating back to June 2017 and found that timeframes for claim processing as outlined in the Life Insurance Code of Practice were not met. The review of 11 subscribers to the code's compliance came about after the LCCC received more than 700 alleged ...

Life insurers breach own code consistently

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 MAR 2020
Law firm Maurice Blackburn has called out the life insurance industry, saying insurers breached their Code of Practice hundreds of times in just six months. The Life Code Compliance Committee (LCCC) conducted an investigation and found many insurers ...

ASIC urges improved insurance outcomes

ELIZA BAVIN  |  FRIDAY, 13 DEC 2019
... superannuation. In the new report, titled Insurance in superannuation: Industry implementation of the Voluntary Code of Practice, the regulator comments on the industry's implementation of the Insurance in Superannuation Voluntary Code of Practice. ASIC ...

Genetic tests no barrier to life insurance

ELIZABETH MCARTHUR  |  THURSDAY, 27 JUN 2019
... place by 1 July this year." The moratorium will be regularly reviewed and will be included in the Life Insurance Code of Practice which is currently under review. The new moratorium will be in place at least until the end of June 2024 and reviewed in ...

OnePath updates trauma definitions

KARREN VERGARA  |  MONDAY, 24 JUN 2019
... than 600 trauma definitions in a bid to be more customer-centric as part of its commitment to the Life Insurance Code of Practice. The review, which commenced in 2018, assessed more than 25,000 trauma policies to ensure the most up-to-date and optimal ...

APRA self-assesses shortcomings

KARREN VERGARA  |  WEDNESDAY, 1 MAY 2019
... funds gave little consideration to insurance strategy until work commenced on the voluntary industry insurance code of practice. Board governance (SPS 510) frameworks and practices have materially improved over the period, but requirements need to be ...

ABA moves to protect vulnerable customers

ELIZABETH MCARTHUR  |  WEDNESDAY, 20 MAR 2019
... industry guidelines aiming to better support vulnerable customers. These guidelines will complement the Banking Code of Practice and will be launched later this year. The guidelines will signify a commitment to ensure customers who find themselves in ...

FSC to enact binding standard on genetic testing

ELIZABETH MCARTHUR  |  TUESDAY, 19 MAR 2019
... rollout of new rules on genetic testing despite a delay. There had been plans to launch a new Life Insurance Code of Practice from July 1, but during the feedback period the Financial Services Council heard the code was not written in comprehensible ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... codes of practices Another key recommendation is that Financial Services Council should amend the Life Insurance Code of Practice to allow the code's governance committee to impose sanctions on members that breach it. The report also asks for industry ...

FSC extends life code consultation deadline

KARREN VERGARA  |  THURSDAY, 24 JAN 2019
... consultation period for the second iteration of its life code until 31 January 2019. The draft FSC Life Insurance Code of Practice was first released for consultation in November 2018, proposing 30 changes that include banning aggressive selling tactics ...