Insurer improves compliance system after reporting breaches
A major insurer has made a series of changes to its compliance program following a number of breaches regarding discounts and policy upgrades, which required customer refunds of $23m.
Insurer overhauls product after ASIC concerns
In response to concerns over how it promoted funeral insurance, an insurer has implemented a string of changes.
Major insurance bill finally passed
After years of lapses and delays, the Insurance Contracts Amendments Bill has been passed. But what does it mean for brokers, their clients and insurers?
Insurance broker hit with lifetime ban
Just days after a broker was found guilty of dishonesty by the courts, another intermediary been permanently banned from providing financial services.
Broker found guilty of dishonesty
The broker used his position to authorise more than $400,000 in insurance premium payments from clients into his personal bank account but did not purchase the products they requested.
Industry slams unnecessary unfair contract terms
Are insurers’ worst fears about to be realised? Federal government has drafted legislation to incorporate insurance contracts into unfair contract terms but experts warn it could do more harm than good.
Receivers to sell troubled broker’s client book
A deal to sell part of the business could be completed by next week but with debts totaling almost $2m, who will buy and will the broker’s creditors get what they are owed?
“Insurers should be held accountable for aggregator content”, broker says
The news that an aggregator had “misleading” content from its website has added fuel to the argument that a broker should be the preferred choice.
New association to fight for AR rights
Authorised representatives have finally got a voice and this one aims to be a one-stop-shop for all their needs.
Rising overdue debt collection activity indicates future company failures
Five years after the global financial crisis, indebted companies are struggling to keep up repayments, prompting businesses to take further action to recoup what they are owed.