The coronavirus pandemic has hit many industries hard – but for the insurance sector, it has created a myriad of questions and uncertainty over obligations to policyholders and claims payouts.
Now, the Australia Securities and Investments Commission (ASIC) has attempted to make the picture a little clearer by writing directly to general and life insurers. In its letters, it states that it expects insurers to handle insurance claims with the utmost good faith – and that complaints should be dealt with genuinely, fairly, promptly and consistently.
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