CommInsure claims clean bill of health

planning/regulation/comminsure/

12 May 2017
| By Mike |
image
image
expand image

A Parliamentary Committee has been told that multiple investigations into the allegation that documents were missing or altered in CommInsure’s medical document tracking system have given the insurer a clean bill of health.

Answering a question on notice from the Parliamentary Joint Committee into the life insurance industry, the Commonwealth Bank’s insurance arm claimed both its own investigations and those of the Australian Securities and Investments Commission (ASIC) had cleared it of any failings.

“Multiple investigations into the allegation that documents were missing or altered have been completed,” the banking group’s answer said. “CommInsure is satisfied that there is no evidence to substantiate it.”

Dealing with the question on notice, the Comminsure response said, “allegations have been made about the integrity of CommInsure’s medical document management system. The allegations that documents were missing or altered related to CommInsure’s Medical Officers Referral Database, which was used by CommInsure’s medical officers’ team to track workflow of internal medical opinions”.

It said investigations conducted at the time these allegations were made concluded that all expected data was in the database, with the exception of a single document, and that the document was manually re-entered into the system so that it duplicated the opinion held on the case file.

“Based on these investigations, we did not find any evidence of medical files being intentionally deleted or tampered with resulting in missing information, as has been alleged,” it said. “The CommInsure Board subsequently commissioned an independent review into this allegation. The board is satisfied there is no evidence to substantiate the allegation.”

The answer then went on to cite an Australian Securities and Investments Commission (ASIC) report published in March which stated the regulator “…did not find any evidence to suggest that medical opinions stored on the database were deleted or altered by staff outside the Medical Risk Team, other than for appropriate administrative functions”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 2 weeks ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

1 week 3 days ago

ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam. ...

4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3