ASIC relaxes e-mail policy
The Australian Securities and Investments Commission (ASIC) has relaxed its policy on sending life insurance applications electronically.
The Australian Securities and Investments Commission (ASIC) has relaxed its policy on sending life insurance applications electronically.
The financial services watchdog says it will allow life companies to accept partial policy applications electronically.
Applications previously had to be in the form of a single paper document, but clients will now be able to lodge compulsory personal information and specify their required level of cover via insurance agents who would email the details to the company.
Advisers can help clients to complete the electronic part of the application form using any client information already available in the life company database, transmitting the data after it is verified by the client. The adviser must also forward the paper part of the application containing declarations by the client and the client's signature.
Although the life company can start its underwriting processes immediately upon re-ceiving the electronic part of the application, it can only issue a policy after receiving both sections and verifying the consistency of the information in both documents.
ASIC says it has granted relief from the standard application form requirements for three life companies, and is willing to grant similar relief to other life companies that wish to adopt similar processes.
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.
