MetLife introduces product changes
29 March 2021
MetLife Australia announced today it will offer a three-year rate guarantee for all lump sum retail products as part of a number of changes being made to its offerings...
Life Insurance
Integrity Life snares MLC’s retail distribution chief
29 March 2021
Integrity Life has added another senior executive from MLC Life, appointing Russell Hannah to the role of GM Distribution and Marketing with effect from June...
Adviser body wants exiting banks to share ASIC levy burden
22 March 2021
An adviser group has called for a levy to be imposed on major banks and other financial services firms that have exited advice, as a way of alleviating the fee burden charged by the corporate regulator...
‘Room for improvement’ despite 100% medical definitions compliance
22 March 2021
The Life Code Compliance Committee has made seven recommendations for the industry to keep products up to speed with medical definitions that reflect current health trends and developments...
Adviser group wants ‘clarity’ from life insurers on UCT regime
22 March 2021
Advice group Synchron has called on life insurers to provide “clarity” over how in-force policies will be handled when unfair contract terms (UCT) laws apply to insurance contracts from April 5...
TAL wins top award for fourth straight year
22 March 2021
TAL has been named the Association of Financial Advisers’ life company of the year for the fourth time in a row, beating AIA Australia, MLC Life Insurance and NEOS...
ClearView announces digital overhaul with Oracle platform
22 March 2021
ClearView Wealth has advanced its efforts to modernise systems with the selection of Oracle Insurance Policy Administration, which it says will improve efficiency, meet new regulatory requirements, reduce costs and improve the employee and customer experience...
APRA warns of ‘concerning developments’ in group life insurance
15 March 2021
The prudential regulator has issued a warning letter to life insurers and superannuation funds, expressing alarm over a “re-emergence of some concerning developments” in group life insurance that could potentially affect the sustainability of the product and lead to other adverse outcomes...
Court rules TAL ‘breached duty of utmost good faith’ in handling IP claim
15 March 2021
The Federal Court has ruled TAL Life “breached its duty to act with utmost good faith” in the handling of an income protection claim in 2014, in civil proceedings lodged by the corporate regulator...
New NZ advice regime begins
15 March 2021
New laws governing the New Zealand financial advice sector take effect today, nearly five years after the reforms were first mooted, which started with a review of the Financial Advisers Act 2008...
AIA Group’s key markets set for business rebound: S&P
15 March 2021
Hong Kong-listed AIA Group, the parent company of AIA Australia, has the capital strengths and resilient operating performance to help the business absorb continued progressive dividends, S&P Global Ratings said today in a bulletin note...
MetLife Australia hires former NSW premier Nathan Rees
15 March 2021
MetLife Australia has appointed Nathan Rees as Head of External Affairs & Public Policy to work with government and regulators and review proposed legislative change for the life insurance industry in Australia...
Challenger promotes Angela Murphy to CEO Life
15 March 2021
Challenger has promoted Angela Murphy to the role of CEO Life as the business searches for a CIO to lead its investment teams...
Advisers slam ASIC levy hikes
08 March 2021
The financial advice industry has expressed anger over the corporate regulator’s plan to collect more levies from them to fund its supervision of the sector...
Life industry books smaller loss, DII remains a drag
08 March 2021
The life insurance industry narrowed its net loss to $100 million last year from $300 million in 2019, according to the latest update from Australian Prudential Regulation Authority...
Super fund accused of ‘deceptive’ insurance conduct
08 March 2021
The corporate regulator has filed civil penalty proceedings against Statewide Superannuation, alleging it engaged in “misleading or deceptive correspondence” when 12,500 members were contacted about group insurance they supposedly held through the financial services provider...
MLC Life Insurance names GM for retail distribution partnerships
08 March 2021
MLC Life Insurance has appointed Michael Downey as GM Retail Distribution Partnerships, replacing Russell Hannah who is leaving on March 26...
Dover must pay $1.2 million for misleading clients
08 March 2021
The Federal Court has ordered Dover Financial Advisers and its founder Terry McMaster to pay penalties of $1.2 million and $240,000 respectively for engaging in false or misleading actions, compromising clients’ interest in the process...
AIA launches ‘check in’ health support service
08 March 2021
AIA Australia has launched a health support service in collaboration with Mindstar, a wellbeing solutions company...
Adviser body wants clarity over ‘advice’ description
01 March 2021
The Advisers Association says today it is “potentially misleading” to label financial product information as “advice” when it is not...