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Registration: 8am – 8.30am
Session starts: 8.30am
Session ends: 10am
ANZIIF CIP points: 1.5
Speakers: Raj Kanhai, Principal and claims management specialist;
Susie Amos, Principal, Finity Consulting
Topic: Claims challenges arising from the royal commission report

Royal commission aftermath – What does it mean for managing claims?

One recommendation from the Hayne royal commission is that handling and settling insurance claims should no longer be excluded from the definition of ‘financial service’ in the Corporations Act.

That means insurers, underwriting agencies and third-party representatives that provide claims handling services will need to ensure those services are provided efficiently, honestly and fairly.

ASIC will assume greater enforcement powers, including issuing penalties for breaches for individual claims and event responses. In extreme cases, entities’ financial services licences could be at risk.

The seminar will discuss possible implications of the recommendation for underwriting agencies and third-party administrators, including:
What types of activities are covered?
Which organisations are potentially impacted, eg loss adjusters, investigators?
Are retail and wholesale products affected?
What will it mean for agencies in terms of regulatory and compliance costs and obligations, including training?
How will it impact the operating model, including staff performance incentives?

Finity will also discuss Treasury’s consultation paper on the topic (responses are due by 29 March).

Click on the links below for more information from Finity on the royal commission outcomes.

Royal commission response – claims as a financial service

Royal commission response – unfair contracts

Royal commission response – duty of disclosure

Royal commission report released

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