Insurance

Retail super fund, Living Super, will compensate $5.38 million to 24,500 members after ASIC found their promotional material to be misleading.

10 August

Insurance

ANZ pays further $10.5m compensation to OnePath customers

ASIC has confirmed that ANZ have paid a further $10.5 million to its OnePath customers affected by breaches that

10 August

Insurance

Insurance in super should be redesigned

Redesigning insurance products in superannuation to fit more around member characteristics could address potential

10 August

Insurance

Fund and insurer rebuked on TPD assessment

The Superannuation Complaints Tribunal has reinforced the need for funds and insurers to ensure medical

2021-01-29 00:30:00

Knowledge Centre

Themes driving the need for a more sustainable approach to investing

Sustainable investing is on the rise, and COVID-19 has only sharpened the focus of policy makers and investors...

Ausbil

8 August

Insurance

ISWG must give code teeth says lawyer

The code of conduct coming out of the Insurance in Superannuation Working Group risks having the bite of a month-

27 July

Insurance

O’Dwyer awaiting PC on ‘opt-in’ versus ‘opt-out’

The Productivity Commission’s findings on insurance within superannuation will inform the Government’s future

27 July

Insurance

Govt help may be needed to counter balance erosion

The chair of the Insurance inside Superannuation Working Group, Jim Minto, has acknowledged Government help may be

2020-11-24 22:30:00

Knowledge Centre

Beyond the digital frontier

Secure, real-time data, insights and transactions accessible from anywhere are closer than you think – explore a...

Northern Trust

A recent Superannuation Complaints Tribunal (SCT) determination has reminded superannuation funds and insurers of the costs attaching to unreasonable delays in meeting member claims. The SCT imposed significant remedial penalties on both the insurer when

13 July

Insurance

105-day delay on TPD claim ‘unreasonable’

The Superannuation Complaints Tribunal has determined that 105 days represents an unreasonable delay for an

New MetLife/SwissRe white paper spotlights implications of changes to TPD definitions.

4 July

Insurance

Life Insurance Code of Practice launches with minimum medical definitions

The Life Insurance Code of Practice regime started on 1 July and has included new minimum medical definitions.

4 July

Insurance

AIA welcomes Life Insurance Code of Practice

The FSC’s Life Insurance Code of Practice is an important first step in building confidence with Australian

Life insurer TAL has appointed Glenn Baird to the newly created role of head of mental health. The appointment aims to expand TAL’s ability to understand, manage and support mental, physical, and financial health of its people and its customers. TAL gen

4 July

Insurance

Head of mental health appointed at TAL

TAL has created the role of head of mental health to help prevention and return of health of customers suffering

The Australian Securities and Investments Commission (ASIC) has confirmed it has initiated a project which will closely examine life insurance within superannuation. The regulator has flagged that it intends on publishing a report on life insurance within

27 June

Insurance

ASIC flags issues with group life

The Australian Securities and Investments Commission has flagged that it will soon table a report identifying

22 June

Insurance

Group risk inflows plateau

Group risk inflows have levelled, decreasing by 0.3 per cent over the 12 months to March on the back of premium

15 June

Insurance

Insurance within super should remain ‘opt out’

The Breast Cancer Network of Australia has warned against making insurance within super ‘opt-in’ pointing to the

6 June

Insurance

Life insurance comparison websites don’t give same service

Life insurance product comparison websites do not provide the same level of service as advisers but receive a

30 May

Insurance

Kinetic upgrades insurance offering

Kinetic Super has upgraded its insurance offering, including introducing a low-balance switch-off.

30 May

Insurance

MLC Life to bolster claims transformation program with new technology

MLC Life Insurance has announced a partnership with claims management software solutions provider, ClaimVantage.

9 May

Insurance

APRA/ASIC pilot claims-handling reporting regime

The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission have

NAB’s Andrew Hagger puts MLC Super creation in context of banking and wealth strategy.

4 May

Insurance

Super funds need to better explain insurance

Superannuation funds need to provide new members with an easily understood but detailed explanation of what,

4 May

Insurance

ASFA tells PC: Don’t dismiss insurance in super

The Productivity Commission is wrong to discount the importance of insurance within super, according to the

13 April

Insurance

Employer insurance could breach concessional caps

Employer insurance arrangements could cause the maximum super concessional caps to be breached from 1 July,

6 April

Insurance

Enforceable code needed for insurance in super

The Australian Lawyers Alliance is arguing that a voluntary code will not cut the mustard for insurance within

4 April

Insurance

Exclusion of insurance undermines PC findings

SuperRatings has warned that the exclusion of insurance from the Productivity Commission’s assessment has

A roundtable of superannuation industry executives believes super fund members are better off at claims time because of the protections offered by super fund boards.

4 April

Insurance

No need for independent claims body

An additional layer of assistance to help consumers make a claim would add more confusion and would be seen as a

30 March

Insurance

Alignment needed for life insurance code

Misalignment in what people are told financial services providers are going to do is the heart of where self-

30 March

Insurance

Life insurance self-regulation is enough

Further regulation for the life insurance industry was not necessary as self-regulation is efficient, less costly

The Australian Securities and Investments Commission (ASIC) will soon issue notices to nearly 50 superannuation trustees to investigate their insurance arrangements, including timeframes, claims and complaints resolution, as well as details about their in

16 March

Insurance

ASIC to issue notices to 50 super trustees

ASIC is set to send issue notices to super trustees to investigate their insurance arrangements.

16 March

Insurance

CommInsure investigation a substantial piece of work: ASIC

ASIC has examined 60,000 documents as part of its CommInsure investigation and will deliver its findings by the

The continuing involvement of lawyers in life/risk claims may be over-stated, according to new research conducted by Pacific Life Re and plaintiff law firm, Maurice Blackburn lawyers. That research measured the level of advertising against the occurrence

14 March

Insurance

Has lawyer advertising lost its super punch?

New research released by Pacific Life Re and Maurice Blackburn suggests lawyer advertising helped create a super

14 March

Insurance

Guidance release on group insurance data

A guidance note on group insurance data to improve consumer outcomes has been jointly released by life insurance

Superannuation funds need to do more about informing their members about the circumstances under which their account balances are being eroded by insurance premiums. The Joint Parliamentary Committee inquiry into the life insurance industry has been told

2 March

Insurance

Greater clarity needed on premium erosion

A Parliamentary Committee has been told super funds need to be much clearer with members about the manner in which

The latest APRA data has confirmed that disability products are continue to challenge Australia’s insurers.

16 February

Insurance

Disability products still problematic

The latest APRA data has confirmed that disability products continue to challenge Australia’s insurers.

ANZ is arguing that a six-year time limit on late notified TPD claims could drive valuable premium reductions for super fund members.

9 February

Insurance

ANZ cites premium reductions if time limits imposed

ANZ is arguing that a six-year time limit on late notified TPD claims could drive valuable premium reductions for

An SCT determination has reminded insurers and superannuation funds that they cannot unreasonably delay the payment of death benefits.

19 January

Insurance

Insurer carries cost of unreasonable delay

An SCT determination has reminded insurers and superannuation funds that they cannot unreasonably delay the

17 January

Insurance

Aussies confident in life insurance

Over three-quarters of Australian adults have confidence in their life insurer provider, according to a survey.

10 January

Insurance

First report from insurance group expected in early 2017

The Insurance in Superannuation Working Group is expected to release its first discussion paper within the next

The Federal Government has been urged to change the rules prohibiting insurers making payments to medical practitioners to help speed people’s return to work.

15 December

Insurance

Govt urged to change rules on practitioner payments

The Federal Government has been urged to change the rules prohibiting insurers making payments to medical

Tender consultants have confirmed that a number of corporate and industry funds are conducting group life tenders at the same time as Comminsure has encountered adverse publicity.

15 December

Insurance

Group life shows continued growth

The latest DEXX&R data confirm growth for the big five insurers in the group life arena.

The AFA wants super funds and insurers to better disclose their commercial arrangements around group and to underwrite all products at the time of application.

13 December

Insurance

Advisers want greater group life transparency

The AFA wants super funds and insurers to better disclose their commercial arrangements around group and to

8 December

Insurance

Study confirms value of IP insurance within super

A new study conducted by AIA Australia has confirmed strong support for the provision of income protection

6 December

Insurance

More calls to harmonise insurance rules

BT Financial Group has joined the chorus of calls for a harmonisation of the treatment of insurance both inside

APRA has questioned whether lifting premiums represented an adequate answer to the problems confronting the group life market.

1 December

Insurance

APRA questions efficacy of group premium increases

APRA has questioned whether lifting premiums represented an adequate answer to the problems confronting the group

22 November

Insurance

AIA Australia wins Mercer mandate

Mercer has selected AIA Australia as its insurance partner for the next five years.

Actuarial firm Rice Warner has used its pre-Budget submission to urge a review of the Transition to Retirement pension arrangements arguing they now unduly favour high income earners.

15 November

Insurance

Funds may need to review insurance offerings

Super funds may need to curtail some of their insurance offerings over and above default cover.

15 November

Insurance

Low understanding of life insurance

More than half of Australians who only have life insurance in their super are not confident in the level of cover

10 November

Insurance

Insurance via super most effective and efficient

Former TAL chief executive, Jim Minto, said insurance via super is the most efficient and effective delivery

3 November

Insurance

Insurance in super working group established

A working group has been established to develop a code of conduct/practice for insurance in superannuation.

1 November

Insurance

Fund SCT to deliver speedier decisions – law firm

The Superannuation Complaints Tribunal’s performance with respect to TPD claims compares poorly with those dealt

27 October

Insurance

Super fund claims process included in life insurance code

The Life Insurance Code of Practice includes group insurers, contrary to some reports, according to TAL.

OneVue acquires super administration business Super Manager Australia as it expands further into super space.

20 October

Insurance

More advisers write risk on platforms

There are clear reasons why more advisers write risk on platforms, according to IOOF.

18 October

Insurance

APRA scrutinises funds on claims-handling

The Australian Prudential Regulation Authority makes clear insurance claims handling is also an issue for trustee

Market Insights

Themes driving the need for a more sustainable approach to investing

29 January 2021

Beyond the digital frontier

25 November 2020

Finding sustainable companies that thrive

20 November 2020

Doing the right thing: ESG and EMD

30 September 2020

Andrew James McAlister

A much better name than MTAA, since its open for anyone. I like it.

Merged Tasplan and MTAA Super to be named Spirit Super 1 week 1 day ago

Sue

So, not as bad as the doomsayers were leading us to believe. Any chance of a public apology from...

Australian pension assets grow despite pandemic 1 week 4 days ago

Guy

So true - our people are our greatest asset. Just as our investors and members are. We need to...

Fund mergers highlight focus on people 3 weeks 1 day ago

Dave Peckitt

Hi do you have any info on financial planners in perth? I'm looking to consolidate my super...

Six superannuation consultancies prove stand outs 1 year 7 months ago

Anonymous

This is the most ill informed comment I have ever seen. Why on earth would you think Superannuation...

We aren’t anyone’s secretariat says AustralianSuper 7 months 1 day ago

Axl

That's 'toe the party line'.

We aren’t anyone’s secretariat says AustralianSuper 7 months 3 weeks ago