CommInsure has paid benefits for 17 claims totalling approximately $2.5 million since reassessing past claims under updated definitions, according to the Australian Securities and Investments Commission (ASIC).
Releasing an update on its investigation into CommInsure which followed controversy around the company’s claims handling arrangements, ASIC made clear that its inquiries had a long way to run.
“ASIC has undertaken an extensive range of enquiries into the concerns raised,” it said. “Enquiries are ongoing and no comment on potential outcomes will be made at this time.”
“Given the wide ranging and often complex nature of these matters, ASIC’s investigation is anticipated to continue for some time. The investigation remains a priority for ASIC and we will provide public updates where appropriate as the matter progresses.”
ASIC said that, separately to its investigation, CommInsure had commenced a number of independent reviews, including in relation to declined claims, its life insurance claims handling practices and in relation to ethical concerns raised in the media.
“ASIC has been engaging closely with CommInsure concerning the scope and findings of these reviews. ASIC will continue to monitor the scope and conduct of these reviews and will continue to liaise closely with APRA during this process.”
