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Insurance Business | 06 Mar 2014, 08:40 AM Agree 0
A growing amount of business was placed with unauthorised foreign insurers between July and December last year, with players from two countries in particular gaining a large chunk of that business.
  • Jak | 06 Mar 2014, 09:31 AM Agree 0
    ...and don't loss adjusters love assessing and adjusting claims so insured; the insurer has no GST status in Australia, the insured often do not know or understand their insurer is an off-shore entity, and when it comes to claims settlement a cash methodology is usually the strategy but only after the insured has had to expend their own finances to have repairs and/or replacements facilitated - yet another undisclosed-by-their-intermediary surprise.
    Does APRA actually get paid for what they allegedly do and clearly do not understand, and has anyone employed there ever actually worked for an underwriter, or in the insurance industry in any capacity whatsoever !?
    Perhaps APRA is, or was, the basis for the ABC's 'Hollow Men' series.
    But then again, there are too many other great examples of why, based on 'advice' government receives from their faceless unelected bureaucrats, the same mistakes seem to live on in pertepuity.
  • Mr Curious | 07 Mar 2014, 09:15 AM Agree 0
    When did they become UFI's ...I always thought they were DOFI's - Direct Offshore Foreign Insurers???
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