A Norton Rose Fulbright webinar with John Anning, Insurance Council of Australia
Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry.
In the first of these interviews, Ray Giblett (insurance partner, Sydney) sat down with John Anning, General Manager Policy, Regulation Directorate, Insurance Council of Australia and Matt Ellis (insurance partner, Melbourne) to discuss Commissioner Hayne’s recommendation to remove the claims handling exemption and what it will mean for the industry.
The discussion covered:
- An explanation of the “two-pronged” proposal put forward by Treasury in its recent consultation paper;
- What impact the obligation to provide financial services ‘honestly, efficiently and fairly’ will have and whether it differs from the existing duty of utmost good faith;
- Who in the claims handling service chain is likely to be caught by the reforms; and
- Whether there will be additional licencing and compliance obligations on insurers and third party claims handlers.
We are indebted to John for sharing his time and thoughts with us.
The Treasury consultation period ends this Friday, 29 March 2019. Please contact Ray or Matt if you would like to discuss how the proposed reform might impact your business.
We hope you enjoy the webinar. Please keep a look out for the next instalment in the series.
Register here to access the webinar.