NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Australian Securities and Investment Commission (ASIC) is seeking further feedback on proposed requirements for internal dispute resolution data reporting.
National Insurance Brokers Association (NIBA) CEO, Dallas Booth said, “NIBA has been examining the discussion paper and will provide a submission to ASIC on behalf of members.”
This request follows the regulator’s earlier consultation through Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) which was published on 15 March 2019.
New internal dispute resolution (IDR) standards and requirements will apply to financial firms that deal with retail clients, including superannuation trustees, from 5 October 2021. This includes the requirement to record all complaints that a firm receives. Mandatory IDR data reporting will not commence on that date, but ASIC wants to give firms some certainty about what information will be collected as they make changes to their systems now.
In response to feedback received to CP 311 the regulator reached preliminary positions on a number of issues related to data reporting. These are set out in detail in an addendum to CP 311, Attachment 1 to 20-327MR. ASIC has also simplified the draft data dictionary and reduced the number of data elements from 37 to 23, see Attachment 2 to 20-327MR (draft data dictionary).
ASIC is encouraging small businesses to contact their broker or insurer and ask whether their business interruption policy covers COVID-19 related losses.
ASIC consultation on implementing a deferred sales model for add-on insurance products
NIBA CEO, Dallas Booth has urged action on Design and Distribution Obligations (DDO) legislation
The Federal Court of Australia has found that TAL Life Limited breached its duty to act with utmost good faith under the Insurance Contracts Act