NAB, MLC face class action
JAMIE WILLIAMSON  |  THURSDAY, 27 SEP 2018
Class action proceedings have been filed against NAB and MLC for the sale of worthless consumer credit insurance.
Royal Commission tables life insurance policy questions
KARREN VERGARA  |  THURSDAY, 27 SEP 2018
Numerous policy questions that arose from the life insurance round of the Royal Commission could shake up the direct life insurance segment and potentially ban conflicted remuneration in risk products.
CommInsure, TAL engaged in troubling conduct: Royal Commission
KARREN VERGARA  |  MONDAY, 24 SEP 2018
In closing the sixth round of the Royal Commission, counsel assisting found that CommInsure, TAL and Rest may have engaged in conduct that fell below community standards after hearing "troubling" evidence from various case studies.
Royal Commission hears industry fund admitted wrongdoing to ASIC
HARRISON WORLEY  |  MONDAY, 24 SEP 2018
A $52 billion industry superannuation fund admitted to inadvertently breaching the Superannuation Industry (Supervision) Act (SIS Act) in a breach report filed with ASIC on the penultimate day of the Royal Commission's sixth round of hearings.
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."
Specialist insurer updates definitions
KARREN VERGARA  |  FRIDAY, 21 SEP 2018
A specialist insurance firm has updated its definitions and expanded product benefits for members.
TAL hired private investigator to follow claimant: Royal Commission
KANIKA SOOD  |  THURSDAY, 13 SEP 2018
TAL went to great lengths to get out of paying insurance claims to a nurse which involved hiring a private investigator who followed her around the country, the Royal Commission heard today.
New accounting standards put pressure on life insurers
KARREN VERGARA  |  THURSDAY, 13 SEP 2018
Australian life insurers are unprepared for two new major accounting standards that will shake up the way profit is reported, a KPMG survey shows.
CommInsure misled FOS: Royal Commission
KARREN VERGARA  |  THURSDAY, 13 SEP 2018
CommInsure admitted it misled the Financial Ombudsman Service that was helping resolve a claimant's dispute by deliberately withholding medical information and delaying the process, the Royal Commission heard yesterday afternoon.
Freedom sold life insurance to intellectually disabled man: Royal Commission
HARRISON WORLEY  |  WEDNESDAY, 12 SEP 2018
Freedom Insurance sold life insurance to an intellectually disabled man, and only cancelled the policy after several instances of correspondence with his family, the Royal Commission heard yesterday.
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