The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd).
Round 6 of the hearings focused on insurance and this included Life Insurance. Some of this focus has been particularly relevant to underwriting and claims. ALUCA believes that it would be helpful to produce a document analysing some of the issues to inform members.
An ALUCA Working Party will be tasked to produce a summary document specifically of the Life Insurance underwriting and claims implications from the Royal Commission for approval by the ALUCA Board and ultimately for circulation to the membership.
The Royal Commission is due to deliver its final report to the Governor-General by 1 February 2019. Assuming this date does not change, then the working party will endeavour to deliver its report to the ALUCA Board by 1 March 2019. Therefore, the majority of the Working Party’s efforts will be concentrated into the month of February 2019. Some earlier reading of Royal Commission background papers, policy questions & press reports will be required.
Tony O’Leary, Life Member of ALUCA, will chair the Working Party which will consist of 6-8 ALUCA members and it is hoped that there will be representation from both underwriting and claims. The Working Party will endeavour to conduct the majority of its meetings electronically utilising teleconferences and email circulation of documents.
An email was sent out to all members early in December seeking volunteers interested in participating in the group with the cut off being 31 December 2018. We’re delighted to report that very strong interest was shown and Tony is now in the process of working through those applications to select the group. Thanks to all of you for your interest and support. Further updates will be posted in the next ReB.