Tag archives: Royal Commission

The ‘fairness revolution’ continues: Government releases draft legislation extending unfair contract terms regime to insurance

Following a consultation period last year, the Treasury has released draft legislation to extend the unfair contract terms regime to insurance contracts. In releasing the draft legislation, the government has reaffirmed its commitment to implementing all 76 recommendations from Commissioner Hayne’s Royal Commission Final Report. Consultation is now open until 28 August 2019 following which … Continue reading

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

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

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 4 – Spotlight on culture, governance and pay

Welcome to Part 4 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

What the updated ASX Corporate Governance Principles and Recommendations mean for insurers

As the shadow of the Hayne Royal commission continues to loom over the financial services industry, insurers should be preparing for another change in the governance and compliance landscape which promises to further heighten the demands being made of Australia’s leading financial institutions. The ASX released its updated Corporate Governance Principles & Recommendations this week, … 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

Brave New World – Unfair Insurance Contracts?

When on 18 December 2017 the Commonwealth Government announced its intention to extend unfair contract term provisions to insurance contracts, the industry collectively held its breath. Of course with the Hayne Royal Commission having commenced 14 December it seemed unlikely anything further would happen during 2018. However, not being predictable, on 27 June 2018 the … Continue reading
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