General insurance

March 20, 2017 7:47 AM | Posted by Batten, Richard | Permalink
October 13, 2016 3:33 PM | Posted by Batten, Richard | Permalink
The implications of ASIC'S report on life insurance claims are unlikely to be limited to life insurance. read more
September 13, 2016 6:37 PM | Posted by Batten, Richard | Permalink
ASIC’s recently released review of add-on insurance demonstrates the types of considerations ASIC believes to be relevant when judging whether products are suitable for consumers and represent an early indication of the likely impact of the proposed product design and distribution duty and the product intervention powers recommended by the FSI. read more
March 24, 2016 5:30 PM | Posted by Richard Batten and Justin Locke | Permalink
ASIC has made some important observations about conflicts management practices in the funds management sector which have broad relevance not confined to fund managers. read more
March 1, 2016 8:22 PM | Posted by Batten, Richard | Permalink
ASIC is calling for insurers provide further assistance to consumers to help them make good decisions about home insurance and to review the way they distribute add-on insurance.  This relates to FSI recommendations 21 and 26.  The Government said it would introduce a new product design and distribution duty and support industry initiatives to improve consumer understanding but it seems ASIC is not willing to wait for that. read more
November 25, 2015 10:59 PM | Posted by Batten, Richard | Permalink
In a surprise move, the Senate has agreed to pass a cut-down version of the FOFA Streamlining Bill, but after the amendments made to the Bill in the Senate there is not much left of the Government's original streamlining initiative. read more
October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
July 30, 2015 4:15 PM | Posted by Pinar Ozer | Permalink
ASIC announced yesterday that it will now use its power to recover expenses and costs of its investigations.   read more
February 27, 2015 5:24 PM | Posted by Pinar Ozer | Permalink
ASIC has released Report 424 Review of no-claims discount schemes setting out the results of its review into the operation of no-claims discount (NCD) schemes and, once again, the focus is on (non) disclosure. read more
January 30, 2015 1:35 PM | Posted by Pinar Ozer | Permalink

The ACCC has issued a warning on the consequences of misleading statements relating to extended warranties. This relates to its big win late last year in the first case on misleading representations relating to extended warranties and the consumer guarantee regime. Fisher & Paykel and Domestic & General agreed to pay a penalty of $200,000 each for misleading consumers about the need for extended warranty products.

read more
December 17, 2014 4:21 PM | Posted by Richard Batten | Permalink
Treasurer Joe Hockey and David Murray have released the final report of the Financial System Inquiry. In this short video, Richard Batten explains some of the elements of the report and its implications. read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
October 23, 2014 5:05 PM | Posted by Batten, Richard | Permalink
In an important and controversial development, the Federal Government has announced that ASIC will establish a comparison website for home building and contents insurance cover and allow foreign insurers into the market 'where they offer consumers a better price'. read more
July 17, 2014 12:54 PM | Posted by Paul Schoff | Permalink
One interesting observation to come out of the Interim Report is about technological change and the role of 'big data' customer analytics in the general insurance context. It is competition among general insurers which has been a driver of the quest to gather and use customer data to more accurately price of risk. read more
April 2, 2014 3:53 PM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
Different regulatory regimes apply to life, general and private health insurers. Private health insurers are also have their own regulator, the Private Health Insurance Administration Council, whereas general and life insurers are overseen by APRA. Given that both regulators perform similar roles, there is potential for APRA to assume universal oversight of the insurance sector. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
read more
March 14, 2014 1:00 PM | Posted by Richard Batten, Tim Sutton | Permalink
It's been 17 years since Australia's last inquiry into its financial system. A lot has changed since the Wallis Report in 1997. Why the need for a new inquiry? What has changed since Wallis made his recommendations? read more