The Financial Markets Authority has launched a massive investigation into life insurance churn using special powers it has under law.
The authority has written to 12 insurance firms ordering data on all new policies written in the past five years including policyholder details, adviser details, commission payments made to advisers.
It has also included a detailed questionnaire asking questions including ones around what premium levels would be if churn was reduced and also questions around claims experiences on replacement business...MORE»
Wednesday, May 27th, 6:01AM
The Issues Paper for the Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 is now out.MORE»
Wednesday, May 27th, 6:00AM
Southern Cross paid out 2.3 million claims last year, worth $803.4 million.MORE»
New Zealand financial advisers should be prepared for commission cuts such as those happening in Australia, one adviser who works on both sides of the Tasman says.MORE»
AIA chief executive Wayne Besant is leaving New Zealand to take up a role with the company in Vietnam.MORE»
Personal insurance claims have topped $1 billion for the fourth year in a row, new statistics from the Financial Services Council show.MORE»
It will be business as usual for insurance advisers who deal with Cosignia, despite the sale of the firm’s assets to Australia’s largest third-party claims administrator.MORE»
Registered financial advisers receiving trail commission on category one products they are no longer allowed to offer advice on will come under scrutiny in this year’s Financial Advisers Act review, the Ministry of Business, Innovation and Employment says.MORE»