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 timetable and includes claims handling and settling services for insurance products regulated by ASIC (Claims as a Financial Service). ASIC also issued a draft information

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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 dispute resolution standards and requirements, on 30 June 2020. The new RG 271 guide will replace the existing RG 165 guidance and will take effect

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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 Bill; Exposure Draft Regulations; An Explanatory Memorandum; and An Explanatory Statement. The consultation period for these draft documents ends on 28 February 2020. Assuming that

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Royal Commission Response – Claims as financial service

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The recommendation to regulate claims handling as a ‘financial service’ impacts both general insurance and life insurance, although this analysis is limited to general insurance. The change may be more far-reaching in its impact for the general insurance industry than initially thought. A government response could be quick The government announced in February that it would move quickly

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