The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has called upon the representatives of four major life insurers to appear, set to take place from 10 September. The Commission is accepting applications for leave to appear in this sixth lot of hearings, which are set to last for about two weeks and covering general and life insurance sectors.
The four insurers set to take the state include AMP, ClearView, CommInsure and TAL, superannuation provider REST, and Freedom Insurance (a direct insurer). Issues covered will include the sale and design of life and general insurance products, claims handling, and administration.
Regulatory regimes will also be examined. APRA and ASIC have had aspersions cast upon them in terms of their ability to effectively regulate the superannuation industry. Questions have been raised about the purpose of superannuation funds in caretaking and growing Australia's retirement savings, with lead counsel Michael Hodge seeking answers in regards to shifts in problematic culture within superannuation fund providers.