Delaying the inevitable – More time for insurers to prepare for Royal Commission reforms
While the clock is still ticking for insurers to implement reforms recommended by Commissioner Hayne, it is now ticking more slowly. The Australian Government has announced that implementation of the reforms recommended by the Financial Services Royal Commission will be deferred due to the COVID-19 pandemic. Commencement dates contained in the exposure draft legislation issued prior to the COVID-19 pandemic will be extended by 6 months. This gives insurers, third party claims administrators, coverholders and…