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Welcome to the 6th and final instalment of our weekly updates following the Hayne Royal Commission into the financial services industry. This week we focus on Recommendation 4.12, in which Hayne recommends that the Banking Executive Accountability Regime (BEAR) be extended to other financial service providers, including insurers. Now that the full contents of the report have been laid bare, we can investigate what extending the BEAR beyond its native banking habitat (that’s the last…
How will customers interact with insurers in the future? Is insurtech hype? What technology is already being used? What are the legal implications of these new technologies? These questions were considered by the industry at the 2019 ANZIIF Insurtech Conference held last week in Sydney. Held in conjunction with Insurtech Australia and Insurtech New Zealand, it was a great opportunity for people in different parts of the value chain to meet and collaborate, with delegates…
Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on claims handling, industry codes and cooperation with the Australian Financial Complaints Authority (AFCA), which replaced the Financial Ombudsman Service on…
Welcome to Part 4 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on governance, culture and remuneration, and particular his focus on the people in control: “There can be no doubt that the…
As the shadow of the Hayne Royal commission continues to loom over the financial services industry, insurers should be preparing for another change in the governance and compliance landscape which promises to further heighten the demands being made of Australia’s leading financial institutions. The ASX released its updated Corporate Governance Principles & Recommendations this week, and while the spotlight is shone most brightly on ASX listed entities, the ramifications reach further, affecting all insurers…
Welcome to Part 3 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This week, we shift our focus to one of the less-anticipated areas of reform: an insured’s duty of disclosure. Hayne’s report proposes changes to two provisions of the Insurance Contracts…
Welcome to Part 2 of Insurance After Hayne, a series focusing on the implications for general and life insurers of the Royal Commission’s final report.  In last week’s article, we provided an overview of the recommendations applicable to the insurance industry. This week, we look more closely at the recommendations regarding sales practices and policy terms. 1. No hawking of Insurance The Commissioner has recommended that hawking of insurance products to retail clients should…
Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. To make sure you receive the latest updates in our series, subscribe to our blog on the right hand side.…
Ahead of the release of the Financial Services Royal Commission’s final report, the Treasury has released a discussion paper seeking input in relation to disclosure in general insurance. The focus of the paper is to explore ways to improve current disclosure requirements to ensure positive consumer outcomes. The consultation process is open until 28 February 2019, and is in response to the recommendations made in the Senate Committee’s inquiry into the general insurance industry in…
The Australian Prudential Regulation Authority (APRA) has finalised a new Information Security Prudential Standard (CPS 234) coming into effect on 1 July 2019.  CPS 234 will apply to all APRA regulated entities, including insurers. The purpose of CPS 234 is to ensure that an APRA regulated entity has measures in place to be resilient against information security incidents, including cyber-attacks. Why introduce a new prudential standard? The release of CPS 234 follows a…