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Weekly Life Insurance News Roundup

August 7th, 2012 | Posted by Editor in News

Should conflicted financial advisers be called agents?
If you operate under an institutionally owned dealer group, should you be allowed to call yourself a financial adviser rather than a mere agent? Read on for Paragem managing director Ian Knox’s arguments on the subject.

FSC announces new insurance framework
Financial Services Council (FSC) chief executive John Brogden has announced a new life insurance sales policy revolving around the clawback of commissions if a policy lapses in a certain period.

TAL CEO rejects data indemnities
Australia’s major life insurers need to jointly develop a dictionary of common data terms and descriptors, according to the chief executive of major insurer, TAL Limited, Jim Minto.

AFA and FPA question details of FSC policy
The Association of Financial Advisers (AFA) and Financial Planning Association (FPA) have broadly welcomed the Financial Services Council’s (FSC’s) new policy on life insurance sales commission clawbacks but have questions over some of the details.

Allianz says profit is 23 per cent higher
GERMAN insurance and asset management company Allianz says net profit rose 23 per cent in the second quarter as the company’s life insurance business did well.

FSC launches life commission claw-back
A new initiative has been unveiled that will see financial advisers repay their entire commissions on life insurance if a policy lapses in the first year.

ClearView mulls $220m takeover offer
SHARES in ClearView Wealth Management soared by 15 per cent after the financial services group received a $220 million takeover offer. The surprise 50-cents-a-share offer on Thursday came from CCP Bid Co, a subsidiary of private equity manager Crescent Capital Partners Management.

Woolworths expands into car, travel insurance
RETAIL giant Woolworths is set to expand its range of insurance products, adding car and travel cover to its existing life and pet insurance offerings. Woolworths, which first entered the insurance market in August last year, said it would also launch home and contents insurance in coming months.

This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.

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