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DEFERRED SALES MODEL: ADD-ON INSURANCE & THE COMPLIANCE BURDEN.

DEFERRED SALES MODEL: ADD-ON INSURANCE & THE COMPLIANCE BURDEN.

The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 was passed by Parliament on 10 December 2020. As part of the reforms proposed by the original Royal Commission Report, the Bill includes a deferred sales model for add-on insurance products.

In our latest blog with Finity Consulting we outline the key points, what the changes mean and the penalties and exclusions you need to know about.

If you have any queries about the changes and what they mean for your business, get in touch – we’d be happy to help.

Finity is a leading consulting firm with deep domain expertise in the general insurance sector. With actuarial, claims, risk, operations and strategic advisers, along with a cadre of data analytics specialists, the firm has become a trusted adviser to many insurers in the Australian market. Highly regarded for understanding of each client’s business and providing actionable, management-oriented advice. Finity was awarded the Insurance Industry’s Professional Services Firm of the Year in 2018. www.finity.com.au

 

Charmian Holmes; Raj Kanhai (Finity); Leanne Angell (Finity)

December 2020

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