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
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
Merchant Wealth’s David Haintz has described how the firm differs from the traditional private equity ventures jumping into Australia, and why M&A isn’t like Married at First Sight.
