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| | | ... functionality, she added. Asgard Independence Plan Division Two was the subject of Federal Court proceedings brought by ASIC over insurance premiums that were charged to close to 10,000 members, through to 2020. The issue was the premiums included commissions ... |
| | | | ... over requests to make sure you know it is a valid request." Press explained a major ASIC update is the release of its insurance in superannuation: Industry progress on delivering better outcomes for members report, which came out today. Press said the ... |
| | | | Superannuation funds need to improve the life insurance they provide members, with ASIC finding trustees have not made sufficient effort to do so since it began targeted work in the area in 2019. Last year, ASIC reviewed the actions of 15 trustees in ... |
| | | | Virgin Money Super is increasing insurance premiums on death and TPD cover from April 22. Members have been notified that premium rates per week, per unit of death only cover will increase from $0.41 to $0.55. For death and TPD will increase from $0.67 ... |
| | | | ... the best defenses against people coming back to it, and an argument for early access is having a comprehensive default insurance policy." Rees said a legislated purpose for super will provide clarity around its intent and key principles, which will reduce ... |
| | | | ... of the Financial Accountability Regime (FAR), which will put more accountability on senior executives running banks, insurance companies, and superannuation funds. The four key requirements of the FAR force entities to comply with accountability, key ... |
| | | | ASIC is providing life insurers a conditional relief that will last five years in circumstances where a policy needs to be reissued. The conditional relief pertains to Design and Distribution Obligations for financial products issued before 5 October ... |
| | | | ... as an entity (company or partnership) named on a Financial Advice Provider licence. FMA director of deposit taking, insurance and advice Michael Hewes said this figure includes licences issued to sole operators, as well as small firms and large entities ... |
| | | | ... congratulating both NEOS and Zurich, Beddoes Institute chief executive Bill Nikolovski said: "We have seen the newer life insurance companies gain substantial traction in the marketplace recently, and it is clear why, when all the top performing insurers ... |
| | | | ... situation were incomplete or inaccurate. The regulator also found that Allen failed to reasonably consider a client's insurance options when recommending a client consolidate their superannuation. He didn't provide a reasonable assessment of ... |
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