The newly formed panel appointed Chris McRae, who serves as a board member at the Financial Ombudsman Service (FOS) and was previously the chief legal officer at AMP; along with Justin Malbon, a consumer representative on the investments, life insurance and superannuation panel for the FOS; and Stan Goldstein, an associate professor in public health and community medicine at the University of NSW.
Managing director at Comminsure Helen Troup said: “We remain absolutely focused on doing the right thing by our customers and the appointment of these independent experts further strengthens our decision-making processes for complex claims.”
CommInsure said the panel will be used whenever its claims committee recommends a complex life insurance claim to be declined, and will consist of at least of two of the independent panel members as well as Ms Troup.
Other panel members will be appointed over coming weeks, and a sub-committee of the CommInsure board comprised of independent non-executive directors will monitor the outcomes of the panel, the statement said.
The statement further added that the CommInsure board has been working with ASIC in seeking to appoint a new independent expert to oversee a review program focused on past denied claims, with a decision expected to be finalised in the coming weeks.
CommInsure has also begun to notify affected policyholders about the recent changes to the trauma product definitions for heart attack and severe rheumatoid arthritis. These were updated on 10 March 2016 and coverage has been backdated to apply for all claim events from 11 May 2014 onwards.
“Our Product Disclosure Statements have been updated and we will also write to impacted policyholders by the end of June to tell them about the changes,” Ms Troup said.
