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Regulatory scrutiny is life insurers� highest hurdle: EY

Mon, 09 Dec 2019 14:28:00 +1100

More stringent regulation is the top challenge faced by life insurers in Australia and scrutiny of commissions here may limit investment in technology, a new report from EY says...

AFCA attacks use of �medical jargon� in policy

Mon, 09 Dec 2019 14:27:00 +1100

TAL must pay a trauma claim for a customer who suffered a heart attack even though he wasn’t covered by the policy, in a decision influenced by the emerging controversy over universal terms and conditions and criticising the Life Insurance Code of Practice...

Claims delays: AMP answers consumer group�s broadside

Mon, 09 Dec 2019 14:27:00 +1100

AMP Life is defending its claims-handling for group insurance after Choice subsidiary Super Consumers Australia labelled delays “abhorrent” in an open letter...

Employees �don�t understand life insurance benefits�

Mon, 09 Dec 2019 14:26:00 +1100

Life insurance policies are rated as key employee benefits, yet only 60% of employees understand how they work, a MetLife report says...

Don�t ignore insurance, ASIC warns funds� advisers

Mon, 09 Dec 2019 14:26:00 +1100

The corporate regulator is warning superfunds providing scaled advice to members to address members’ insurance needs, after uncovering a number of cases where advisers inappropriately excluded insurance from discussions...

OnePath must pay more interest in AFCA decision

Mon, 09 Dec 2019 14:25:00 +1100

OnePath must pay extra interest on a total and permanent disability benefit amount for a claim that it took more than three years to accept, the Australian Financial Complaints Authority says...

High-risk workers also risk being uninsured

Mon, 09 Dec 2019 14:24:00 +1100

Some superannuation members in dangerous jobs may be left uninsured in a workplace accident if their superfund decides it is too difficult to apply an exemption in recent super insurance legislation, according to a new paper...

TAL continues free pop-up skin clinics for beachgoers

Mon, 09 Dec 2019 14:24:00 +1100

Life insurer TAL is raising skin-cancer awareness with free pop-up skin check clinics at three of Australia’s most popular beaches as summer gets underway...