Big insurers to front Royal Commission
Big life insurers TAL, CommInsure, AMP and ClearView has been slated to appear at the next round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry starting in Melbourne on 10 September.
The Royal Commission announced the appearance of the big insurers alongside industry superannuation fund REST and Freedom Insurance.
In the general insurance arena, the Royal Commission has named AAI (Suncorp), Allianz, IAG and Youi as being up for examination while, where regulation is concerned, it has named the Financial Services Council (FSC), the Insurance Council of Australia (ICA) and the Code Governance Committee.
The Royal Commission hearings come at an interesting time for the life insurers with CommInsure currently being the subject of acquisition by AIA Australia and with TAL having embarked on the acquisition of the Suncorp Life business.
At the same time, there is speculation about the future home of AMP’s life insurance business.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
