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ROYAL COMMISSION RESPONSE: CLAIMS HANDLING AS A REGULATED FINANCIAL SERVICE.

ROYAL COMMISSION RESPONSE: CLAIMS HANDLING AS A REGULATED FINANCIAL SERVICE.

Draft legislation on how ASIC will regulate claims handling has now been released by Treasury. Many businesses that handle and settle claims will need to be licensed as an AFS Licence holder or authorised representative by 1 July 2020.

In the latest blog in our Royal Commission Response series with Finity we look at:

  • Who needs to be licensed;
  • Exemptions;
  • What further obligations apply;
  • Disclosure;
  • Timeframes; and
  • How to prepare for the changes.

If you need advice on how to prepare your business for the changes, get in touch - we’d be happy to help.

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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, The Fold Legal; Julie Hartley, The Fold Legal & Raj Kanhai, Finity

December 2019

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