Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 1 - 10 of 61 results for %22Insurance Contracts Act%22

ANZ to pay $57.5m to settle class action

ELIZA BAVIN  |  MONDAY, 25 MAR 2024
... 2020. The class action was against several parties, including ANZ, and related to the sale of three consumer credit insurance products. ANZ said it would contribute $42 million to the settlement, without admission of liability.

Zurich cleared by Federal Court in life insurance dispute

ANDREW MCKEAN  |  MONDAY, 8 JAN 2024
... income protection policy. The case marks ASIC's first attempt to impose a civil penalty under s13 of the Insurance Contracts Act 1984 (Cth), a section that mandates insurers uphold the duty to act with utmost good faith. In 2018, OnePath, previously ...

ASIC, APRA slam premium hikes

KARREN VERGARA  |  FRIDAY, 15 DEC 2023
... they said. Radar Results chief executive John Birt is astounded at such brazen practices. "... I understand most insurance companies regularly increase base rates. You have to wonder why: price gauging or just because they can," he said. "If the policy ...

ASIC looking to send message with eToro action

CASSANDRA BALDINI  |  WEDNESDAY, 9 AUG 2023
... Federal Court after it was found guilty of several breaches of the ASIC Act, the Corporations Act, and the Insurance Contracts Act between November 2015 and October 2018.

AFCA outlines systemic issues in wealth management

ANDREW MCKEAN  |  TUESDAY, 23 MAY 2023
... haven't lodged a formal complaint. In the superannuation sector, one identified issue concerned the provision of insurance attached to super funds. An AFCA investigation uncovered a superannuation trustee that failed to uphold its legislative obligation ...

Poor policy administration sees MLC Life pay $22m

JAMIE WILLIAMSON  |  FRIDAY, 19 MAY 2023
... Federal Court after it was found guilty of several breaches of the ASIC Act, the Corporations Act, and the Insurance Contracts Act between November 2015 and October 2018. At the time, MLC provided income protection cover through policies that contained ...

HCF Life under ASIC surveillance

CASSANDRA BALDINI  |  FRIDAY, 12 MAY 2023
... including in insurance products. "Given the expansion of the unfair contract terms regime in April 2021 to include insurance contracts, ASIC's current focus on enforcement action concerning unfair contract terms should not come as a surprise," she ...

Insurers are 'fishing' for non-disclosures: ASIC

ANDREW MCKEAN  |  FRIDAY, 2 SEP 2022
... used to check potential inconsistencies in claim information. Since March 2019, section 13(2)(A) of the Insurance Contracts Act 1984 imposes a civil penalty on an insurer that fails to act towards an insured with utmost good faith. The penalty did not ...

APRA releases annual corporate plan

CASSANDRA BALDINI  |  MONDAY, 8 AUG 2022
... business lines where needed. As well as align the prudential framework with Australian Accounting Standard AASB17 Insurance Contracts, including implementing renewed data collections. It concluded that it will look to improve resilience and reduce the ...

Inquiry criticises gaps in CSLR

KARREN VERGARA  |  MONDAY, 31 JAN 2022
... covered by the Australian Financial Complaints Authority or as an absolute minimum, managed investment schemes, funeral insurance policies and debt management firms. "Ultimately, this scheme is about who bears the costs of misconduct in the system, and ...
PAGE:
1
PREVIOUS
NEXT