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Showing 111 - 120 of 1213 results for "Insurers"

Systemic issues impact 20k consumers: AFCA

MATTHEW WAI  |  MONDAY, 11 NOV 2024
... cancellation due to delays in mail processing caused by the Christmas shutdown period, impacting 145 policies. AFCA said life insurers are required to provide correct notice under section 210(5) of the Life Insurance Act 1995. The delay meant that the ...

ASIC secures win against HCF Life

ELIZA BAVIN  |  TUESDAY, 29 OCT 2024
... aware of the pre-existing condition. Additionally, ASIC said section 47 of the Insurance Contracts Act (ICA) prevents insurers from excluding coverage for non-disclosure of a pre-existing condition if the customer was not aware of it when taking out ...

Delaying DBFO imposes 'generational' consequences

MATTHEW WAI  |  THURSDAY, 24 OCT 2024
The Council of Australian Life Insurers (CALI) is urging the federal government to take action on processing the second tranche of its Delivering Better Financial Outcomes (DBFO) package, saying any further delay could result in "generational impacts." ...

Down but not out: Busting defined benefit myths

ANDREW MCKEAN  |  WEDNESDAY, 23 OCT 2024
... the risk but enhancing the sustainability of these long-term obligations. When DB funds transition their liabilities to insurers, the benefits become "crystalised," meaning they are locked in and cannot be altered. This adds security for members, given ...

Australian investment market moves onward and upward

ANDREW MCKEAN  |  THURSDAY, 10 OCT 2024
... FUM has grown at an average annual rate of 8.3%. Institutional FUM, managed for large investors like pension funds and insurers, grew by 12% over the past year, while wholesale FUM fell by 2.3%. Interestingly, the indexed investments segment grew 24.2% ...

FAAA announces 2024 awards finalists

KARREN VERGARA  |  WEDNESDAY, 9 OCT 2024
... will be announced at the annual FAAA Congress in Brisbane on November 28. Separately, the Council of Australian Life Insurers (CALI) named its 2024 ReCALIbrate grant recipients. Nicole Bendeich, Calibre Life; Janice Choo, Big Oak Financial Services ...

Genetic test results to no longer hinder life cover

JAMIE WILLIAMSON  |  WEDNESDAY, 11 SEP 2024
Insurers will no longer be able to use genetic test results in life insurance underwriting, with a total ban to be introduced by the government. Earlier this year, the government consulted on the use of genetic test results in underwriting life insurance ...

APRA reorganises as it sets sights on superannuation

ELIZA BAVIN  |  WEDNESDAY, 28 AUG 2024
... structure. The corporate plan outlines how the regulator will maintain the "strength and stability of Australia's banks, insurers and superannuation trustees over the next four years". APRA's top priorities will include working with ASIC to ensure superannuation ...

ASIC scraps Libertas' AFSL for unpaid compensation

KARREN VERGARA  |  TUESDAY, 20 AUG 2024
... order, including home detention. CSLR chief executive David Berry recently warned AFSLs and their professional indemnity insurers (PII) that fail to pay a determination under the scheme will see their licence revoked. While the cancellation might not ...

Australia's safety nets 'stretched too thin': CALI

MATTHEW WAI  |  MONDAY, 12 AUG 2024
A new report commissioned by the Council of Australian Life Insurers (CALI) revealed that Australians are experiencing higher living costs and increasing mental health issues, making reliable financial safety nets more important. The inaugural State ...