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Showing 21 - 30 of 64 results for "Life Insurance Code"

OnePath updates trauma definitions

KARREN VERGARA  |  MONDAY, 24 JUN 2019
... updated more 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 ...

FSC to enact binding standard on genetic testing

ELIZABETH MCARTHUR  |  TUESDAY, 19 MAR 2019
... ahead with the 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 ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... Stronger 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 ...

FSC extends life code consultation deadline

KARREN VERGARA  |  THURSDAY, 24 JAN 2019
... extending the 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 ...

FSC revamps life insurer code

KANIKA SOOD  |  MONDAY, 12 NOV 2018
The Financial Services Council has released a new draft life insurance code of practice that makes 30 changes to the code in place since 2017. The second iteration of the code aims to lift the standards in product design, sales, underwriting, customer ...

Insurance shake-up puts clients first

KARREN VERGARA  |  TUESDAY, 2 OCT 2018
... Finance (ANZIIF) chief executive Prue Willsford commends the steps the industry has taken to establish the Life Insurance Code of Practice. Willsford, who previously worked with the FSC and industry stakeholders to introduce fee disclosure in prospectuses ...

Royal Commission tables life insurance policy questions

KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... Voluntary Code of Practice is sufficient to protect the interests of fund members. Further, they asked if the Life Insurance Code of Practice should be extended to update medical definitions be extended to products other than on-sale products. The Corporations ...

Give life code a chance, Loane tells Royal Commission

HARRISON WORLEY  |  FRIDAY, 21 SEP 2018
... final day of its Round Six hearings into insurance, Loane said the FSC would like the second iteration of its life insurance code to be given a chance to have an effect before statutory obligations be enforced. Counsel assisting Rowena Orr asked Loane ...

FSC responds to direct life insurance findings

KARREN VERGARA  |  FRIDAY, 31 AUG 2018
... that led to poor consumers outcomes. In response to the report ASIC handed down yesterday, the FSC said its Life Insurance Code of Practice has "lifted the bar" in the industry but concedes "there is still room for improvement." The FSC rolled out the ...

Foreign owners take over life insurance: KPMG

KARREN VERGARA  |  TUESDAY, 21 AUG 2018
... the last five years. Further, KPMG forecasts public trust will be an ongoing issue and additions to the 2017 Life Insurance Code of Practice will be made.