Give us more claims handling power: ASIC
The Australian Securities and Investments Commission has strongly reiterated its call for more power to deal with poor practices in life insurance claims handling.
Addressing Money Management's Life Insurance Claims Handling breakfast today, ASIC deputy chairman, Peter Kell said he believed there existed "excessive limitations" on the regulator's ability to take action under the so-called "absolute good faith provisions".
He also reiterated that removing the insurance claims handling exemption provisions within the Corporations Act would greatly assist ASIC in dealing with the industry.
Kell noted that the Government has accepted ASIC's recommendations with respect to removing the exemption and it would now be part of a review of the Corporations Act.
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