Regulator sets sights on life insurance
The practices used by insurers to investigate and assess claims they suspect could be fraudulent will be a focus for ASIC’s surveillance activity over the next four years.
The new project is part of ASIC’s push to improve investors’ and consumers’ financial capability, and in turn their decision making processes.
In addition to this new project, the corporate plan said ASIC intends to continue with a number of existing surveillance projects into various facets of the life insurance industry.
These projects include examining life insurers with high numbers of declined claims, the sale of inappropriate products to vulnerable people, claims practices for total permanent disability insurance, the quality of life insurance advice and reviewing life insurance SOAs.