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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
