NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Insurance Council of Australia (ICA) has revealed that it is in discussions with insurers, the Australian Financial Complaints Authority (AFCA) and other stakeholders to consider a further test case that explores outstanding policy matters, including proximity and prevention of access, relating to the pandemic and business interruption insurance.
The ICA has indicated that industry’s intention is that it would again meet the costs of both the policyholders and the insurers in any legal process, in the same fashion as the first test case regarding the Quarantine Act.
The ICA has advised that the insurance industry seeks to progress a court resolution of these matters quickly, and regardless of any decision around an appeal on the first test case.
The ICA has intimated that it will continue to work with all stakeholders and government to provide clarity for all parties and the industry. The industry body will provide an update on these matters as soon as they are settled in coming weeks.
Australians customers in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months
The Australian Financial Complaints Authority has strongly supported the addition of new product intervention power to ASIC's regulatory toolkit.
ASIC has welcomed the authorisation of a new single external dispute resolution (EDR) scheme for consumer and small business complaints: the Australian Financial Complaints Authority
AFCA will be established as a free, binding dispute resolution service to hear financial complaints from consumers, small businesses and retail investors.