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Showing 11 - 20 of 44 results for %22FSC Life Insurance Code of Practice%22

Genetic tests no barrier to life insurance

ELIZABETH MCARTHUR  |  THURSDAY, 27 JUN 2019
... Services Council approved a moratorium on genetic tests in life insurance following consultation with the insurance industry. FSC chief executive Sally Loane said: "We know the community benefits from genomic research and the Moratorium is key to giving ...

FSC to enact binding standard on genetic testing

ELIZABETH MCARTHUR  |  TUESDAY, 19 MAR 2019
... Financial Services Council heard the code was not written in comprehensible English and ASIC approval was needed. Instead, the FSC will enact a binding standard limiting life insurers use of genetic testing from July. The new standard will apply to all ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... industry codes to be amended for enforceable provisions. In handing down these two recommendations, Hayne has chosen to ignore FSC chief executive Sally Loane's call. Appearing before the financial services Royal Commission on the final day of its ...

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
... standards in product design, sales, underwriting, customer service, complaints and claims handling for the life insurers, FSC said. Key changes include getting life insurers to ban pressure selling products or using coercive retention tactics. The FSC ...

Insurance shake-up puts clients first

KARREN VERGARA  |  TUESDAY, 2 OCT 2018
... 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, understands the challenges of launching unprecedented ...

Give life code a chance, Loane tells Royal Commission

HARRISON WORLEY  |  FRIDAY, 21 SEP 2018
Financial Services Council (FSC) chief executive Sally Loane equated removing the carve out of life insurance claim handling in the Corporations Act to using "a sledgehammer to crack a nut." Appearing before the financial services Royal Commission on ...

FSC responds to direct life insurance findings

KARREN VERGARA  |  FRIDAY, 31 AUG 2018
... practices of some life insurers 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." ...

FSC aggregates insurance industry data

KANIKA SOOD  |  THURSDAY, 26 JUL 2018
... Council is launching a multi-million-dollar data project that will aggregate and distribute life insurance industry data. FSC chief executive Sally Loane announced the project's delivery in Melbourne today, the culmination of two years' work ...

Industry stakeholders welcome PC report

JAMIE WILLIAMSON  |  WEDNESDAY, 30 MAY 2018
... would form a shortlist to be presented to all new workforce entrants, providing the ability to choose a default fund. The FSC said the decoupling of default super from industrial laws will increase competition in the sector, with increased governance ...