Aggregated News From Investment Management Regulators

ASIC letters to general and life insurers in the current COVID- environment

Report/Flag

Please complete the required fields.



27 April 2020

ASIC is committed to working constructively and pragmatically with general and life insurers to help Australians affected by the COVID Pandemic to recover, and to aid the general functioning of the economy.

ASIC expects insurers to handle insurance claims with utmost good faith and to deal with complaints genuinely, promptly, fairly and consistently.

Insurers should be flexible in dealing with consumers’ specific circumstances. Where consumers are no longer able to pay premiums due to reduced income, insurers should consider how they can best respond to this issue in order to help consumers continue to maintain key insurance coverage. This might include, where appropriate and reasonable, measures including premium ‘holidays’, deferrals, or reductions for a reasonable period of time.

ASIC also expects insurers to communicate proactively, clearly and accurately with consumers about their insurance cover, recognising the rapidly changing situation they are facing.

ASIC has written directly to general insurers and life insurers on these issues:

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

Ernesto A. Lanza Named Acting Director of SEC Office of Municipal Securities

Washington, D.C., Dec. 3, 2021 — The Securities and Exchange Commission today announced that Ernesto A. Lanza will serve as Acting Director of the Office of Municipal Securities (OMS). Mr.

Tender regarding the ‘Provision of services of two Office Admins/Telephone Operators

The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to announce that it has issued the public Tender No. 19/2021 for the ‘Provision of services...

Nexus IFA (Clone of FCA Authorised Firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Blanket Order 52-503 – Exemption from National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure

Regulated Industries FCNB is responsible for the regulation and enforcement of securities, insurance, pensions, credit unions, trust and loan companies, co-oper

Deutsche Wallet (Clone of FCA Authorised Firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Get the latest from Regulatory.News in your inbox!

×