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The Hayne Royal Commission’s impact on insurers in 2021

A year after the Royal Commission report was submitted, claims handling has emerged in its wake as one of the biggest issues for the insurance industry.

The Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (the Act) was given assent on 17 December 2020. Schedule 4 of the Act which has the effect of making handling and settling a claim a financial service under the Corporations Act 2001 (Corporations Act) will commence on 1 January 2021. As a consequence, insurers will face higher compliance costs and a more assertive regulator in 2021.

In this article, Charu Stevenson and Cain Jackson look at the issues for the insurance industry in 2021 and beyond.

Click on the download to read the full article.

© Wotton + Kearney 2020
This publication is intended to provide commentary and general information. It should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this publication. Persons listed may not be admitted in all states and territories.