Dear member,
On 4th February, 2019, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations relating to the insurance industry in its Final Report. Recommendation 4.8, was that the “handling and settlement of insurance claims, or potential insurance claims, should no longer be excluded from the definition of ‘financial service’”. This relates to claims for both life and general insurance products. Treasury has been tasked with preparing the recommendations for Government (whoever is in power) to introduce legislation and regulations based on the Final Report. Treasury has now invited comments from interested parties on matters to be considered in respect of the impending legislation. This consultation process gives AICLA a rare opportunity to have input into the regulatory landscape in Australia for loss adjusters and others involved in claims.
As President, I and CEO, Tony Libke held consultation meetings with members in Melbourne, Sydney and Brisbane and via skype from members in other States over the last week. The purpose…
