The recommendation to regulate claims handling as a ‘financial service’ impacts both general insurance and life insurance, although this analysis is limited to general insurance.
The change may be more far-reaching in its impact for the general insurance industry than initially thought.
A government response could be quick
What is the goal of this recommendation?
A best case outcome
Defining the 'claims handling' activity
Retail clients/products or all products?
Who would the obligations apply to?
What further obligations would apply?
Is there 'advice' in claims handling?
Prepared in collaboration with The Fold Legal.
Read more in our Royal Commission Response, or download a printable PDF below.