About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, September 17th, 8:32PM
rss
Latest Headlines

Insurers put spotlight on conduct processes

Insurance companies have supplied regulators with their plans to ensure better industry conduct.

Thursday, July 11th 2019, 8:04PM

When the Reserve Bank and Financial Markets Authority released their joint review of the conduct and culture of life insurers at the end of January, insurers were given until June 30 to report back.

They were required to give an action plan for regulators to review, including how they would address incentives based on sales volumes for internal staff and commissions for intermediaries.

Asteron Life said it was looking at how it could help advisers meet key conduct expectations.

Graham Hill, executive manager of life distribution at Asteron, said the insurer’s responses included a detailed plan with a focus on good customer outcomes.

He said the review did not uncover any systemic issues in the Asteron business but did provide insights into a number of areas where outcomes for customers could be improved.

"We believe that, like us, advisers are committed to creating a better today for our customers and that access to independent financial advice is an important part of ensuring good outcomes for customers.

"We will continue to collaborate on how we can work together to enhance customers’ financial wellbeing, and how Asteron Life can support advisers to meet key conduct expectations."

Fidelity Life has told advisers it will make no changes to commission structures until June next year at the earliest.

Gail Costa, chief executive of Cigna, said she believed  the review was not a “box-ticking exercise” and it would transform the insurance industry to lead to better customers outcomes by helping to build trust and credibility.

Tags: Asteron Cigna Fidelity Life

« Insurers rethink agreementsAMP: Resolution Life deal won't go ahead as is »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Asteron and Fidelity go head to head for award

nib enters ASX 100
nib health funds has been added to the ASX 100 index as part of the September 2019 quarterly rebalance of the S&P/ASX Indices.

AIA's shot at a TV ad
AIA New Zealand joins forces with Dame Valerie Adams to help Kiwis live healthier, longer, better lives.

Southern Cross recognised
Southern Cross Health Society has been recognised as one of Australasia’s top 10 ‘Most Innovative Companies’ for BeingWell, its corporate health and wellness programme.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com