Risk Product, Company, and Regulatory Updates as at 30 June 2016

Product Updates

CommInsure updates SPDS
CommInsure has released a Supplementary Product Disclosure Statement (SPDS), which is in addition to the still-current CommInsure Protection PDS and Policy issued on 13 May 2014. Updates include to heart attack and rheumatoid arthritis definitions in CommInsure Protection, Loan Protection (Personal Loans and Home Loans), Simple Life and any legacy products that offer these specific medical conditions as insurable benefits. The updated definitions apply to all cover within the 11 May 2014 CommInsure Protection PDS including Trauma Cover, Income Protection, and TPD cover for events diagnosed on or after 11 May 2014. 

PMC Underwriting launches automated underwriting service
Former financial planner Ryan Austen has set up an online underwriting service providing advisers with pre-assessments from 12 underwriting teams within 72 hours. PMC Underwriting is not dependent on an adviser running specific software. Key features of the service include quick turnaround/response times, relationship development with underwriters and advisers, most insurers will respond to each adviser request (including use of exclusions or denials), and low cost. The monthly fee is $39 or $390 per year per user, with unlimited submissions. 

Company Updates

AIA Australia partners with AdviserLogic for data feeds
AIA Australia has joined up with AdviserLogic to launch a new cloud-based risk-specific data feed for financial advisers, allowing fast and accurate client information that is used to administer life insurance policies. The feeds allow client information to be transferred from AIA Australia directly to advisers without double entries or manually updating client records, reducing time, money, and errors. 

Munich Re selling Australia and New Zealand insurance business
Great Lakes Australia (GLA) is being sold by Munich Re after a strategic review. 

Regulatory Updates

ACT reduces stamp duty rates on life and general insurance
As of 1 July 2016, ACT are reducing stamp duty rates on both life and general insurance to zero for all cover types. Some insurers will be passing on the reduced stamp duty rates for new and in-force business.