Tag archives: ASIC

ASIC proposes a freeze on cold calling practices

Following the release of Report 622 earlier this month, which was highly critical of sales of consumer credit insurance, the Australian Securities and Investments Commission (ASIC) has released Consultation Paper 317 (CP 317). Under CP 317, ASIC proposes to prohibit unsolicited telephone sales of two types of insurance – direct life insurance and consumer credit … Continue reading

ASIC consults on new IDR ideas

The Australian Securities and Investments Commission (ASIC) has released Consultation Paper 311 seeking input from interested parties on 15 proposals that will change the way Australian Financial Services Licence (AFSL) holders conduct and report on internal dispute resolution (IDR)  processes. Submissions close on 9 August 2019, with the final revisions to Regulatory Guide 165: Internal … Continue reading

OAIC releases 12-month data breach scheme report – encourages entities to move beyond compliance

The Office of the Australian Information Commissioner (OAIC) this week released its 12-month Insights Report for the Notifiable Data Breach (NDB) Scheme (Report).  The Report shows trends and noteworthy statistics from 1 April 2018 to 31 March 2019, reporting an uptick in notifications and identifying the most common cyber trends leading to a requirement to … Continue reading

Enforceable code provisions: an interview with John Price, Lead Ombudsman for General Insurance Decisions, AFCA

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 second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints … Continue reading

Back to the drawing board as design and distribution laws pass Parliament

The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 passed Parliament last week and received royal assent shortly after. It introduces design and distribution obligations into the Corporations Act 2001 (Cth), requiring financial services entities to consider the design of their retail financial products and the way they are distributed. … Continue reading

Privacy Shake-Up – Tougher Penalties and More Funding

What’s happened? The Australian Attorney-General’s department has announced a proposed new regime that would make changes to the Privacy Act 1988 (Cth) (Act). The proposed changes would see a significant expansion of the powers afforded to the Office of the Australian Information Commissioner (OAIC), particularly with respect to the scope of penalties that may be … Continue reading

Removal of the claims handling exemption – what will it mean for insurers?

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 … Continue reading

Insurance After Hayne Part 6 – The BEAR necessities

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 … Continue reading

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

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 … Continue reading

Insurance After Hayne Part 3 – The duty of disclosure: 5 lessons for 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 … Continue reading

Insurance After Hayne Part 2 – How the Royal Commission will change how insurance is sold

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 … Continue reading

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

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. … Continue reading

ASIC’s enforcement priorities: what do they mean for insurers?

ASIC has released its enforcement report for the period 1 January 2017 to 30 June 2017, which outlines ASIC’s enforcement results during the period.  The report also provides an overview of some of ASIC’s enforcement priorities, the top three of which are: (1) Gatekeeper culture and the ‘big end’ of town ASIC continues to focus … Continue reading

Marketing Class Actions: A New Frontier

A new type of product claim is emerging in the Australian class action market; one which has been part of the US class action landscape for many years. Unlike previous product class actions where the safety of the product was typically in issue, the new product claims focus on statements/ representations made in the marketing … Continue reading

Climate Change Risk: what it means for Australian Boards and their D&O insurers

Progressive corporations are now focused on Environment and Social Risk Governance (ESG) criteria as an important indicator of business performance.  Evaluation of which environmental risks might affect a company’s income and expenses, and how to manage those risks, are important issues for socially aware investors in driving investment decisions.  In the coming decade – as … Continue reading

What ASIC has in store for the insurance industry in 2017

Recently, the chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, delivered a speech to the Insurance Council of Australia Forum on the current insurance environment and ASIC’s priorities for the coming year, with a focus on the insurance industry. Current Environment Mr Medcraft acknowledged that 2016 was an eventful year for the … Continue reading

Would you like insurance with that? ASIC dishes up advice on add-on insurance

ASIC’s latest report (Report 492) on add-on insurance makes for sobering reading. Following a review of add-on general insurance products sold through car dealers, ASIC identifies a number of concerns. This follows earlier reports focused on consumer experiences (Report 470) and the sale of life insurance through car dealers (Report 471). The most recent report … Continue reading
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