The Commissioner, the Honourable Kenneth Hayne AC QC, submitted his Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on 1 February 2019.
The majority of the financial sector reforms as a result of the Report have now been implemented by the insurance industry, with the final round of legislation introduced into parliament in October 2021.
ICA supports the Hayne recommendations
Since the Royal Commission report and its recommendations were released the Insurance Council and its members have worked closely with the Government and stakeholders to ensure the intentions of these once-in-a-generation reforms are realised. This is ultimately about improving insurer customer outcomes.
In facilitating collaboration between industry, consumer groups and regulators the Insurance Council has advocated for a regulatory regime that allows insurers to deliver services that meet customers’ expectations with no unintended consequences.
The ICA will be working closely with its members monitoring the implementation of the regulations as they are rolled out, and stands ready to engage with ASIC, APRA and Treasury should any implementation issues arise.