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Showing 21 - 30 of 95 results for %22Life Insurance Code of Practice%22

Life insurers disregard code of practice

ELIZABETH MCARTHUR  |  MONDAY, 29 JUN 2020
... Code Compliance Committee has said that life insurers appear not to be taking their obligations under the Life Insurance Code of Practice seriously. The code came into effect in 2017, with the independent committee now publishing its second annual report ...

Life insurers are doing their best: FSC

ELIZABETH MCARTHUR  |  THURSDAY, 12 MAR 2020
... looked at cases dating back to June 2017 and found that timeframes for claim processing as outlined in the Life Insurance Code of Practice were not met. The review of 11 subscribers to the code's compliance came about after the LCCC received more than ...

Life insurers breach own code consistently

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 MAR 2020
Law firm Maurice Blackburn has called out the life insurance industry, saying insurers breached their Code of Practice hundreds of times in just six months. The Life Code Compliance Committee (LCCC) conducted an investigation and found many insurers ...

ASIC urges improved insurance outcomes

ELIZA BAVIN  |  FRIDAY, 13 DEC 2019
ASIC has called on the superannuation industry to improve consumer outcomes in relation to life insurance provided through superannuation. In the new report, titled Insurance in superannuation: Industry implementation of the Voluntary Code of Practice ...

FASEA attempting to re-write law: AFA

ELIZABETH MCARTHUR  |  WEDNESDAY, 13 NOV 2019
... by Investment Trends breaking down the revenue streams of advice practices. If grandfathered trail commissions, life insurance commissions and asset based fee for service charges are at risk under the code then 57% of practice income is at risk as a ...

Genetic tests no barrier to life insurance

ELIZABETH MCARTHUR  |  THURSDAY, 27 JUN 2019
... having it in place by 1 July this year." The moratorium will be regularly reviewed and will be included in the Life Insurance Code of Practice which is currently under review. The new moratorium will be in place at least until the end of June 2024 and ...

OnePath updates trauma definitions

KARREN VERGARA  |  MONDAY, 24 JUN 2019
... updated more than 600 trauma definitions in a bid to be more customer-centric as part of its commitment to the Life Insurance Code of Practice. The review, which commenced in 2018, assessed more than 25,000 trauma policies to ensure the most up-to-date ...

FSC to enact binding standard on genetic testing

ELIZABETH MCARTHUR  |  TUESDAY, 19 MAR 2019
... ahead with the rollout of new rules on genetic testing despite a delay. There had been plans to launch a new Life Insurance Code of Practice from July 1, but during the feedback period the Financial Services Council heard the code was not written in ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... Stronger codes of practices Another key recommendation is that Financial Services Council should amend the Life Insurance Code of Practice to allow the code's governance committee to impose sanctions on members that breach it. The report also asks ...

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 ...