Risk Product, Company and Regulatory Updates as at 6 March 2018

Product Updates

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Macquarie offers OneCare on wrap
ANZ will offer its OneCare products on the Macquarie Wrap platform. This is the first time OneCare life insurance products will be offered on a wrap platform outside ANZ’s Oasis Wrap and Grow Wrap platforms.

BTFG names expanded APL insurers
BT Financial Group has added two insurers to the BT life insurance approved product list, with TAL and AIA Australia products to be available alongside BT Protection Plans. 

Company Updates

MTAA Super and MetLife reduce young members' premiums
MetLife and MTAA Super have reduced premiums for life and total and permanent disability group insurance for young members. Members' premiums will reduce by an average of 21 per cent and young members' premiums will drop by up to 50 per cent.

ANZ applies life insurance code
ANZ will be the first bank-owned retail super fund to apply the voluntary Insurance in Super Code of Practice. The code will cover ANZ’s OnePath MasterFund, Oasis Superannuation Master Trust, Smart Choice Super, and Retirement Portfolio Services, effective 1 July.

QBE sells South American operations to Zurich
QBE will sell its Latin American business to Zurich Insurance Group for US$409 million. The sale will include operations in Brazil, Ecuador, Argentina, and Mexico.

TAL gender diversity recognised
TAL has been named as the employer of choice for gender equity by the Commonwealth Workplace Gender Equality Agency (WGEA) for the fourth consecutive year.

Regulatory Updates

CBL liquidators appointed
CBL Insurance has been placed in interim liquidation by New Zealand’s High Court after a request from the country’s central bank. The liquidation occurs after its principal, Peter Harris, won Kiwi EY Entrepreneur of the Year award for the business. 

CBA lodges response to class action claims and amended AUSTRAC
Commonwealth Bank (CBA) has lodged its response to the amended statement of claims filed by AUSTRAC to the Federal Court and its defence to the shareholder class action. CBA is denying the majority of the 100 additional AUSTRAC allegations, and denying all class action liability allegations.