The Financial Markets Authority has identified its target and will start to knock on the doors of advisers it is worried are churning business.
It has today released its report into replacement business in the life insurance industry.
Looking at data from the country’s main insurers, it identified that 200 of the 1100 advisers with more than 100 active life policies on their books met the FMA’s criteria for a high estimated rate of replacement business.
That criteria was that at least 12% of an adviser’s policies lapsed and the adviser wrote at least 12% of policies as new business within one year, to least 40 lapsed in a month and the adviser wrote 40 new policies in the same month...MORE»
Wednesday, June 29th, 1:00PM
Commerce Minister Paul Goldsmith says banning commissions isn't something the government will do, even though the FMA says they create problems.MORE»
Wednesday, June 29th, 11:01AM
[UPDATED] The long-awaited Financial Markets Authority report on life insurance churn is out and advisers who replace policies regularly will be watched closely.MORE»
The Financial Services Council – which represents life and income insurers, among others – welcomes today’s report from the Financial Markets Authority, on life insurance sales practices.MORE»
Fidelity Life acting chief executive Ed Eadie says the FMA report on replacement business has a narrow scope and risks undermining the important role of financial advisers.MORE»
Direct insurance provider Pinnacle Life is branching out into income protection insurance and offering an online tool to help people work out how much life insurance cover they need.MORE»
Just say for a moment that one of the outcomes of the Financial Advisers Act Review is that most RFAs will have to meet the requirements of the AFA Code of Practice.MORE»
An insurance software provider says New Zealand insurers take too long to get new products and pricing to market, and it is costing them money.MORE»