Tag archives: regulation

ASIC consults on new IDR ideas

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Regulation
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

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

Photo of Matthew EllisPhoto of Ray GiblettBy Matthew Ellis and Ray Giblett on Posted in Industry news
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

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

Photo of Matthew EllisPhoto of Ray GiblettBy Matthew Ellis and Ray Giblett on Posted in Industry news, Regulation
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

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Alex MadryBy Ray Giblett, Matthew Ellis and Alex Madry on Posted in Industry news, Regulation
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?

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Industry news
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

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Alex MadryBy Ray Giblett, Matthew Ellis and Alex Madry on Posted in Industry news
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

Photo of Ray GiblettPhoto of Matthew EllisPhoto of James KimBy Ray Giblett, Matthew Ellis and James Kim on Posted in Industry news
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?

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Industry news
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

APRA releases new prudential standards to boost fitness of private health insurers

Photo of Ray GiblettPhoto of Timothy ChanBy Ray Giblett and Timothy Chan on Posted in Regulation
APRA has recently released the final versions of three Prudential Standards which will apply to private health insurers (PHIs) from 1 July 2019.  New versions of the following prudential standards have been released: Prudential Standard CPS 510 – Governance; Prudential Standard CPS 520 – Fit and Proper;  and Prudential Standard HPS 310 – Audit and … Continue reading

Game of Drones – what does the rise of the drone mean for insurers?

Photo of Jodie OdellBy Jodie Odell on Posted in Industry news
Unmanned aerial vehicles (UAVs), remotely piloted aircraft (RPAs) or drones – however you choose to refer to them, are big business. They’re being used increasingly in the commercial world – from mining and agriculture, to tourism, sports and entertainment. But that’s not all. Your ten year old niece or nephew probably has one which they … Continue reading

Product suitability and intervention powers one step closer

Photo of Matthew EllisPhoto of David McIndoeBy Matthew Ellis and David McIndoe on Posted in Regulation
Treasury released its public consultation paper on the proposed introduction of product suitability obligations and intervention powers for ASIC in December, bringing the reforms recommended  by the Financial System Inquiry one step closer to reality. The consumer protection measures will require issuers and distributors of insurance (and other financial) products to ensure products are suitable … Continue reading

Button your mouth: a cocktail mix of button batteries, magnets and children

Photo of Lona NaoumBy Lona Naoum on Posted in Industry news
In September 2016, the ACCC (Australian Competition and Consumer Commission) Deputy Chair, Delia Rickard, was reported as saying that “every week in Australia, twenty children are taken to emergency rooms after suspected exposure to button batteries … Children under the age of five are at the greatest risk…” As a product liability lawyer and the … Continue reading

Is friendship the best policy?

Photo of Jodie OdellPhoto of Tim FilippiBy Jodie Odell and Tim Filippi on Posted in Industry news
In many aspects of life it is now difficult to imagine a time prior to the dawn of the information age, when airline tickets were bought in-store and school projects were completed by reference to the family copy of the Encyclopaedia Britannica. All of this can, of course, now be accessed at the click of … Continue reading

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

Photo of Ray GiblettPhoto of Matthew EllisPhoto of Timothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Regulation
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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