The Insurance Council of Australia (ICA) welcomes the next steps in implementing the recommendations of the Financial Services Royal Commission (FSRC) by the tabling of legislation in the House of Representatives today.
Today’s bills will implement change such as how various insurance products are sold or offered to customers. As such the ICA will work closely with the Government to ensure reforms detailed in the legislation can be implemented effectively by insurers and ensure consumer outcomes are improved.
ICA CEO Andrew Hall said: “The Insurance Council fully supports the intention of the Hayne recommendations and recognises the importance of the legislation.
“Insurers have been preparing for implementation since the draft bill was released in January, and today’s Bill provides the details need by businesses to adjust their operations.
“The ICA acknowledges that its concerns about the potential negative impact of some provisions of the original draft legislation have been considered while still being consistent with the policy intent of the FSRC recommendations. For example, there is greater clarity about how hawking prohibitions will be strengthened and there is more certainty about the application of claims handling obligations to service providers.”
Australian insurers will continue to work collaboratively with the Government to strengthen community trust and confidence and structural integrity of the industry and ensure that insurance products fully meet community expectations.
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