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Showing 21 - 30 of 61 results for %22Insurance Contracts Act%22

TAL loses group insurance mandate

JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
... concerns, and accused her of breaching her duty of disclosure and duty of utmost good faith under the Insurance Contracts Act. ASIC is seeking civil penalties for TAL's alleged breach of section 12DB of the ASIC Act - which attracts a maximum penalty ...

ASIC takes action against TAL over RC case

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
... claim's voidance "asserted" the customer had breached her duty of good faith under section 13 of the Insurance Contracts Act. ASIC said it believes TAL's investigation of the customer's medical history was based on false statements the insurer ...

One regulatory regime enough: FSC

HARRISON WORLEY  |  FRIDAY, 13 SEP 2019
... regime to life insurance but has stipulated adjustments should be made to allow the long term nature of life insurance contracts to continue. Loane said it made "perfect sense" for life insurance to have the unfair contract terms applied, but noted the ...

Peak bodies respond to government roadmap

KRISTI CHENG  |  TUESDAY, 20 AUG 2019
... enforceable code provisions for industry codes of conduct; and application of unfair contract terms provisions to insurance contracts. Two of the recommendations due to be implemented attracted hesitation from the council, however, with the FSC naming ...

Unfair contract terms extended to insurance

KARREN VERGARA  |  FRIDAY, 2 AUG 2019
... products and services contracts. The proposed new UCT regime will apply to insurance contracts covered by the Insurance Contracts Act. Among the other changes, third-party beneficiaries of an insurance contract will be able to bring a claim under the ...

Industry fund changes asset consultant

KANIKA SOOD  |  MONDAY, 29 JUL 2019
... options, effective July 1. The cap on administration fees of $1575 per year remained unchanged, as did the fund's insurance premiums and indirect cost ratios.

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... previous five years, while reaping $121 million in premiums. Hayne today recommended the government amend the Insurance Contracts Act to rid such instances. " Section 29(3) of the Insurance Contracts Act should be amended so that an insurer may only ...

CommInsure, TAL engaged in troubling conduct: Royal Commission

KARREN VERGARA  |  MONDAY, 24 SEP 2018
... standard practice was to tell policyholders whose contracts were being avoided under section 29 of the Insurance Contracts Act that they had breached their duty of good faith. Given TAL's admission with respect to this case study and in such circumstances ...

ASIC successfully files injunction against Melbourne advice provider

JAMIE WILLIAMSON  |  MONDAY, 15 JAN 2018
... receive financial advice. The financial advice offered by Financial Circle Pty Ltd recommended consumers purchase personal insurance products and switch superannuation funds. Financial Circle benefited by way of the significant advice fees being payable ...

Life insurer definitions clashing: Regulators

KARREN VERGARA  |  TUESDAY, 14 NOV 2017
... withdrawals; some claims and dispute outcome categories; claim and dispute amounts paid; and processing durations. In group insurance, there were "often inconsistencies between insurers with their interpretation of the concepts of policy contracts, policy ...