Leading insurance provider, Norwich Union Life Australia Limited, welcomed a national report released today by the Australian Securities and Investments Commission which has investigated the disability insurance industry.
Leading insurance provider, Norwich Union Life Australia Limited, welcomed a national report released today by the Australian Securities and Investments Commission which has investigated the disability insurance industry.
ASIC's review and report examined life companies' training and supervision procedures for tied and multi-agents, and the conduct of those advisers selling total and permanent disability, trauma and income protection insurance.
Norwich Union Life agrees in principle with the findings and recommendations of the report. Managing Director Allan Griffiths believes the issues raised should be of significant concern to the entire disability insurance industry.
"Any findings of the report which cast doubt on the professionalism of our industry as a whole is of great concern to Norwich Union Life. We will consider each issue raised to ensure Norwich Union Life continues to be an industry leader," he said.
Griffiths said that many of the findings in the report highlight poor practice standards of a few industry providers and advisers, but that the life industry should carefully consider every issue identified to ensure their procedures meet ASIC's expectations and help clarify a complex range of products for consumers.
"As ASIC point out in their report, the Life Code was introduced in 1995 and has not been reviewed since then," he said. "In the current environment of financial services reform, it is essential that our industry meets and exceeds professional conduct, compliance and supervisory expectations."
"Norwich Union Life has always believed that transparency is fundamental to instilling consumers' confidence to choose the products we offer through our multi-agents. This is the basis for the technical development of our products and our comprehensive support of advisers," Griffiths said. "Disability insurance is an important part of our business. We will continue to develop products and refine our processes to help our advisers provide their customers with the right information and confidence to make an informed choice," Griffiths said. "We will work hard to ensure the disability insurance industry operates at the highest standards, and is placed above criticism."
For further information, please contact Jane Rosham
03 9829 8818