Risk insurers’ conduct will be focus of next decade
Regulators are set to focus on insurers' conduct risk over the course of the next decade, KPMG global insurance risk and regulation lead, Rob Curtis, believes.
Speaking at the Money Management Leaders Series Life/Risk Remuneration Inside the New Framework breakfast in Sydney, Curtis, said change is on the way.
Curtis told delegates the financial services regulators had gone through the prudential steps in the process and would focus on conduct risk going forward.
He urged insurers to develop conduct risk frameworks, with the Australian Securities and Investments Commission (ASIC) set to focus on the sector, saying "almost all insurers" had no framework.
"Supervisors will come knocking on your doors asking about your conduct risk framework," he said.
"A big sea change is coming through... There's going to be a very different regulatory environment, ASIC will become more APRA-like in its approach."
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