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Showing 1 - 10 of 211 results for %22Life Insurance Framework%22

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... superannuation with 11 reports, general insurance with six reports, investments and advice with three reports and life insurance with one. In superannuation, the issues included breaches of the SIS Act and SIS Regulations, incorrect cancellation of insurance ...

Overhaul of TPD structure, pricing needed: MLC Life

CHLOE WALKER  |  WEDNESDAY, 6 MAR 2024
... disability impacting their ability to work, and women are particularly at risk, according to new research by MLC Life Insurance. The research, conducted by Freshwater Strategy for MLC Life, comprised 1025 Australians via an online interview. It found ...

New life insurance regulations rolled out

ANDREW MCKEAN  |  WEDNESDAY, 21 FEB 2024
Assistant treasurer and minister for financial services Stephen Jones has issued life insurance regulations that aim to modernise the legislative framework. The Life Insurance Regulations 2024 establishes a threshold for annuities, dictating that the ...

ASIC, APRA slam premium hikes

KARREN VERGARA  |  FRIDAY, 15 DEC 2023
... stop insurers from raising premiums. "Usually, the insurance rate moves up on stepped insurance policies, whether life insurance, income protection insurance or critical illness insurance, as the policy owner's age increases," he said. A professional ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... first tranche of legislation". "Another piece of important news for our members is confirmation that commissions on life insurance (Recommendation 13.7) can continue to be paid to advisers, with a one-off written consent from the client before the beginning ...

Adviser levy tripled, labelled "deeply unfair"

JAMIE WILLIAMSON  |  THURSDAY, 29 JUN 2023
... registration, administration of the adviser exam, the Financial Services and Credit Panel, and the review of the Life Insurance Framework. The release of the indicative cost recovery follows minister for financial services Stephen Jones confirming the ...

Industry bodies respond to QAR recommendations

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... advice," FAAA chief executive Sarah Abood said. "The government has also provided certainty with the continuation of life insurance commissions, whilst introducing a consent obligation that is covered through existing client approval arrangements." However ...

Treasury to scrap advice admin burdens, boosts intra-fund advice

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... for agents or employees of Australian Authorised Deposit-Taking Institutions (Recommendation 13.5) will also be removed. Life, general and consumer credit insurance commissions (Recommendations 13.7 - 13.9) will have to provide standardised consumer ...

HESTA pushes for gig worker super entitlements

ANDREW MCKEAN  |  MONDAY, 29 MAY 2023
... balance at retirement. ASFA also highlighted that the growth of the gig economy could have adverse implications for life insurance coverage. "... the rise of the gig economy would likely lead to an increase in the proportion of Australian workers who ...

ANZIIF chief steps down

CASSANDRA BALDINI  |  TUESDAY, 28 MAR 2023
... Reynolds, Megan Beer, and current board president Tim Plant. Reflecting on her tenure, Willsford said it's been an amazing life experience. "I've been given extraordinary opportunities to learn and grow and to make an impact. I feel strongly that ...
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