The final draft of Australia's revised General Insurance Code of Practice, including a requirement for insurers to implement a domestic family violence policy, is set to be presented to the Insurance Council of Australia (ICA) board on 31 October for approval.
Australian Securities & Investments Commission (ASIC) expects insurers and superannuation fund trustees to make prompt changes to ensure that total and permanent disability (TPD) insurance provide real value to policyholders.
Seventy-six percent of small and medium enterprises (SMEs) polled in Hong Kong have suffered a cyber attack in the last 12 months, according to a survey on cyber risk for SMEs conducted by Chubb.
Reliance on mandated disclosure involving financial products and warnings has often proved ineffective, and at times even backfired contributing to more consumer harm, says the Australian Securities and Investments Commission (ASIC).
The Australian Prudential Regulation Authority (APRA) has launched a review of the capital treatment of investments by authorised deposit-taking institutions (ADIs) in their banking and insurance subsidiaries.
The Australian and New Zealand Institute of Insurance & Finance (ANZIIF) and the Life Insurance Professional Standards Working Group (LIPSWG) have signed an MoU pledging to work together and increase the professionalism of the life insurance industry.
The Australian government announced last Friday that it is accelerating the establishment of a new disciplinary system and single disciplinary body for financial advisers.
Life insurers pay out more total permanent disability (TPD) claims caused by mental health conditions than for any other cause - accounting for 24.1% of all TPD claims, according to data compiled by the Financial Services Council (FSC) and professional servics firm KPMG Australia that for the first time provides deep insights into the underlying causes of TPD claims in Australia.
The Australian and New Zealand Institute of Insurance & Finance (ANZIIF) and the Life Insurance Professional Standards Working Group (LIPSWG) have signed a MoU pledging to work together and increase the professionalism of the life insurance industry.
The health insurance sector's profitability (as measured by return on equity (ROE)), in aggregate, will remain a key strength with strong industry-based returns achievable over the next two years, says S&P Global Ratings.