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Weekly Life Insurance News Roundup

September 9th, 2012 | Posted by Editor in Articles

How brokers can solve Australia’s underinsurance problem
Small businesses in Australia remain woefully under-insured, with the latest research unveiling the shocking extent that many firms have insufficient or no cover in vital areas. How can brokers reverse this trend?

Zurich weighs into clawback debate
Insurance heavyweight Zurich has set out its position on the FSC’s controversial clawback plans, and its views may offer some hope to financial advisers.

Risk advisers facing an opt-in dilemma
The opt-in requirement will touch the day-to-day operations of risk advisers who have switched to some form of fee remuneration model, writes Sue Laing. With the passing of the Future of Financial Advice legislation amendments now behind us and implementation less than 12 months away, many life risk advisers will soon be tackling an important decision. Over the past several years there has been strong encouragement for commission-based models to transition to fee-based, or fee and commission-based, advice.

Macquarie Life revamps team
Changes have been made at Macquarie Life with the firm bolstering its underwriting and claims teams with two new appointments. The firm has appointed Tony Baker and Nathan Sweeny. Baker takes on the role of financial risk manager and will provide support to advisers on financial underwriting and claims cases.

More insurance options within SMSFs
On the back of a recent survey of 400 financial advisers on the knowledge and take-up of life insurance within self-managed super funds (SMSFs), AIA Australia has made it clear that trustees now have a number of insurance options at their disposal.

Insurance clawbacks: we’re determined to get the right result from the FSC
A risk-focused dealer group has come out in support of advisers who have criticised the length of the Financial Services Council’s (FSC) proposed new life insurance commission clawback regime.

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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