Wednesday, October 12, 2016

ASIC launches crackdown on life insurance industry as CommInsure probe continues

The Australian Securities & Investments Commission has announced a major crackdown on the life insurance sector after identifying what it calls "significant shortcomings" in the way claims are handled.

Read the review here

While ASIC has not found evidence of system misconduct, it has revealed the highest level of rejected claims relate to total and disability and trauma.

ASIC's crackdown comes as it continues to investigate claims of unethical behaviour at the Commonwealth Bank's insurance arm, CommInsure.

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