Australian Regulatory Trends 2019

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FINANCIAL SERVICES ROYAL COMMISSION IMPLEMENTATION ROADMAP

Ending grandfathered commissions for financial advisers

Recommendation 2.4

Removing the exemptions for funeral expenses policies

Recommendation 4.2

Legislation to be consulted on and introduced by end-2019

Application of unfair contract terms provisions to insurance contracts

Recommendation 4.7

Removal of claims handling exemption for insurance

Recommendation 4.8

Recommendation 4.1

No hawking of insurance products

Recommendation 4.3

Deferred sales model for add-on insurance

Cap on commissions paid to vehicle deal- ers for sale of add-on insurance products

Recommendation 4.4

Legislation to be consulted on and introduced by 30 June 2020

Duty to take reasonable care not to make a misrepresentation to an insurer

Recommendation 4.5

Limiting circumstances where insurers can avoid life insurance contracts

Recommendation 4.6

Restricting use of the term ‘insurer’ and ‘insurance’

Recommendation 4.2

Legislation to be consulted on and introduced by end-2020

Extending the BEAR to APRA-regulated insurers

Recommendation 4.12

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