The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry turns its attention to the insurance industry today.
The next round of hearings (Round 6) began in Melbourne today at the Owen Dixon Commonwealth Law Courts Building and will continue until Friday 21 September.
The sixth round of public hearings will consider issues associated with the sale and design of life insurance and general insurance products, the handling of claims under life insurance and general insurance policies, and the administration of life insurance by superannuation trustees. The hearings will also consider the appropriateness of the current regulatory regime for the insurance industry. Insurers in the spotlight are
- AAMI (Suncorp)
- Allianz
- IAG
- Youi
During the hearings, evidence will also be given by consumers of their particular experiences. The entities that are the subject of consumer evidence will be informed by the Commission.Further topics may be included.
The Commissioner, the Honourable Kenneth Madison Hayne AC QC, will submit an interim report no later than 30 September 2018, and will provide a final report by 1 February 2019.
An online form is available to assist people wishing to make submissions to the Royal Commission about misconduct in the financial services industry. Online submissions can be made from the Public submissions page up until 28 September 2018. Further topics may be included and the list above will be updated accordingly before the hearings commence.