Royal Commission insurance reforms get the green light
Following a year of consultation and development, Parliament passed the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 on 10 December 2020. The Act is now awaiting the Royal Assent.
While some changes were made to the bill before it was passed, these related to APRA and ASIC’s role in superannuation and do not affect the insurance regulatory changes.
The Act introduces the following regulatory reforms directly affecting the insurance industry:
Enforceable code provisions;…