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Showing 91 - 100 of 912 results for "Premiums"

Federal Court imposes $4m penalty on industry fund

CHLOE WALKER  |  TUESDAY, 18 JAN 2022
... within their superannuation where their insurance cover had lapsed. Statewide was found to have overcharged insurance premiums of at least $2.5 million to some fund members. Statewide also failed to report these issues within10 days of becoming aware ...

Media Super apologises for major calculator error

JAMIE WILLIAMSON  |  THURSDAY, 6 JAN 2022
... projected super balances and how long a balance may last based on, among other things, assumed administration fees, insurance premiums and investment returns. According to the apology sent by Media Super, the fund realised in September 2021 that the ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... six matters filed related to charging fees to deceased customers; distributing duplicate insurance policies and seeking premiums from customers without a policy; charging superannuation members insurance premiums that included a commission despite them ...

ASIC files numerous cases against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 30 NOV 2021
... six matters filed relate to charging fees to deceased customers; distributing duplicate insurance policies and seeking premiums from customers without a policy; charging superannuation members insurance premiums that included a commission despite them ...

Industry fund cuts premiums

ELIZABETH MCARTHUR  |  MONDAY, 29 NOV 2021
A $2 billion industry fund has reduced its insurance premiums by more than 17%. REI Super informed members premium rates will decrease by 17.5% for income protection and 3.3% for death and total and permanent disability (TPD) insurance. "We continuously ...

QSuper faces class action over excess premiums

JAMIE WILLIAMSON  |  THURSDAY, 25 NOV 2021
... Lawyers has filed the action in the Federal Court against QSuper, saying the fund changed life insurance policies and premiums on 1 July 2016 in a move that saw white collar members charged as though they were in roles with greater risk. According to ...

Risk inflows marginally recover

ANNABELLE DICKSON  |  FRIDAY, 19 NOV 2021
... ClearView (23.7%) and MLC (13.7). The statistics come after the life insurance industry said the increase in life insurance premiums over the last few years are a problem that needs to be fixed rather than a trend. Speaking on a panel at the Association ...

MLC to face court over insurance failures

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
... $17.5 million in financial harm to more than 260,000 customers. The financial harm came in the way of unpaid benefits, premiums being charged without notice and underpaid refunds. ASIC alleges that from 1999 to November 2020, MLC failed to pay a life ...

AMP in enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 16 NOV 2021
... to deal with issues that are currently the matter of Federal Court Action, such as the continued charging of insurance premiums and financial advice fees to deceased members. However, APRA has made several determinations, including that AMP's failure ...

APRA finalises framework for insurance in super

ELIZABETH MCARTHUR  |  FRIDAY, 12 NOV 2021
... members. The other focus of APRA's work is to make it easier opt-out of insurance for super fund members, and to ensure premiums do not unduly erode members' retirement incomes. The changes to the prudential standards will come into effect from 1 July ...