CommInsure pleads guilty to hawking

Commonwealth Bank life and general insurer CommInsure has pleaded guilty to 87 counts of making “non-compliant, unsolicited” telephone calls to sell insurance products. CommInsure is in the process of refunding $12 million to 30,000 customers. CommInsure’s sale to Hong Kong-listed…

Freedom Insurance a shell

Freedom Insurance Group released its 2018/19 financial report last week, revealing that as of early August it had no employees. The board, led by Pauline Vamos, is winding down the company and says it is assessing possible options to maximise…

Tower takes Youi out of NZ

Insurer Tower Ltd has snapped up Youi New Zealand’s insurance portfolio, adding 34,000 in-force policies and $24 million of gross written premium to its portfolio. Tower announced yesterday that Tower Insurance Ltd has signed a portfolio transfer agreement for the…

UCT extended to insurance contracts

The unfair contract terms regime will be extended to insurance contracts, under a legislative amendment the Government released for consultation this week. Unfair contract terms law was introduced in 2010, covering most sectors of that use standard from contracts in…

Claims handling reform will create licensing uncertainty

Insurance companies will need to consider varying their Australian Finance Services licences if the Government’s plan to change the regulatory treatment of claims handling goes ahead. Treasury issued a consultation paper last week, in response to a Royal Commission recommendation…