CommInsure looks to FOS and ASIC
CommInsure has looked to Financial Ombudsman Service (FOS) personnel in making up its new Claims Review Panel.
The Commonwealth Bank's insurance division announced on Friday that FOS board member, Chris McRae would be a member of the panel, alongside consumer representative on the investment, life insurance and superannuation panel of FOS, Professor Justin Malbon and former Bupa head of clinical advisory, Dr Stan Goldstein.
A the same time, the insurer has confirmed that it has been working with the Australian Securities and Investments Commission (ASIC) to appoint a new independent expert to oversee a review program focused on past denied claims — a process that it is expected to be completed in the next few weeks.
It said it had begun the process of notifying affected policyholders about the recent changes to the Trauma product definitions for heart attack and severe rheumatoid arthritis. These were updated on 10 March 2016 and coverage has been backdated to apply for all claim events from 11 May 2014 onwards.
Under the arrangements established around the newly-appointed review panel, a sub-committee of the CommInsure Board will monitor the outcomes of the Panel with the sub-committee comprised of independent non-executive directors.
Under the new CRP, when the insurer's claims committee declines a complex life insurance claim, it will be referred to the CRP, with at least two independent panel members and CommInsure managing director, reviewing the claim to "provide confidence that the outcomes are fair and consistent", the company said.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
