Life insurers need more 'wise old heads': APRABY JAMES FERNYHOUGH | THURSDAY, 3 APR 2014 11:25AMThe life insurance industry needs more 'wise old heads' to provide an historical perspective and avoid falling into the same traps, according to Ian Laughlin, deputy chair of the Australian Prudential Regulation Authority (APRA). Related News |
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At last, sanity pops up in APRA. The old ISC maintained informal relations with insurers at various levels of management and advisers and brokers and what passed then for dealers.
Has APRA been asleep all this time. Did it not realize that when bankers run insurers the focus is on quick profits ( the group life super fiasco) and not the long term profitability.
APRA apparently are copying the ISC line about the problems in group have been brought on by lawyer involvement in disability claims.
Total Rubbish. It was only ever about actuaries signing off on inadequate premium costings under pressure from the ego-driven suits temporarily in charge