Regulatory response – What you need to know about claims as a financial service

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The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 was passed by Parliament on 10 December 2020. It covers a range of reforms, in line with the revised regulatory

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Protecting vulnerable insureds – Not as straightforward as it seems

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From 1 July, subscribers to the General Insurance Code of Practice 2020 (Code) must take extra care of small businesses and individuals who have purchased a retail insurance product and are ‘vulnerable’.

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Insurance PDS Obligations – ticking the box and thinking outside it

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Product Disclosure Statements (PDSs) are subject to a range of regulatory obligations but they can also support commercial objectives (for example, a business that prides itself on speaking in plain

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Changes to Internal Dispute Resolution (IDR) procedures – what it means for you

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New Internal Dispute Resolution requirements (RG 271) – what are the key take outs and considerations for insurers? ASIC released its new Regulatory Guide (RG 271) on complaints handling and

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History repeats – The risks of inadequate due diligence

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Exposure to historical non-compliance can be fatal for purchasers but many don’t include it in their due diligence. ASIC is on the warpath and you can be liable even if

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In a bind? Traps in binder agreements

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Binder agreements are regularly entered into by insurance agents or brokers who are seeking to offer insurance on behalf of the insurer. A party that holds a binder will perform

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How Covid-19 has affected reforms to wealth businesses

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With the ongoing COVID-19 pandemic, it’s fair to say that regulators and businesses have shifted their priorities. Timelines for legislative reforms driven by the Hayne Royal Commission and licence applications

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The revised reform timetable for general insurance

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Regulators have shifted their priorities to deal with the COVID-19 pandemic. This means significant reforms and legislative change to general insurance may be delayed. We outline what’s changed and when

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Deferred sales model for add-on insurance

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Finity and The Fold Legal released an update on the Royal Commission’s recommendations into add-on insurance in July 2019. After two separate consultation papers, Treasury has recently released: An Exposure Draft

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Insurance alternatives (Part 4: Discretionary mutuals)

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In our final article in this series on insurance alternatives, we outline the ultimate peer-to-peer insurance alternative – discretionary mutuals. What is a discretionary mutual? A discretionary mutual is a

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