Making insurance claims handling a financial service

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that the handling and settlement of insurance claims, or potential insurance claims, should no longer be excluded from the definition of ‘financial service’ (see recommendation 4.8).

Consistent with the Government’s response to this Royal Commission recommendation, the Government has released for public consultation exposure draft legislation and regulations to:

  • remove the exclusion of insurance claims handling and settlement services from the definition of a ‘financial service’ in the Corporations Act 2001;
  • make handling and settlement of an insurance claim, or potential insurance claim, a ‘financial service’ under the Corporations Act 2001; and
  • tailor application of the existing financial services regime to the new financial service of handling and settling an insurance claim.

Responding

You can submit responses to this consultation up until 10 January 2020. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

For how to respond and to view key documents and related content click here.

Source: The Commonwealth of Australia