ASIC Intensifies Oversight on Insurance Pricing and Claims Handling
ASIC Intensifies Oversight on Insurance Pricing and Claims Handling
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The Australian Securities and Investments Commission (ASIC) has unveiled new enforcement priorities for the upcoming year, placing a spotlight on insurance pricing, claims handling, and complaints processes.
This move aims to enhance consumer protection and ensure fair practices within the insurance industry.
ASIC Deputy Chair Sarah Court emphasized the regulator's commitment to addressing misleading pricing practices that complicate financial decisions for Australians. The focus will also extend to insurers' failures in dealing fairly with customers, particularly concerning claims and complaint handling.
For beauty professionals, this development underscores the necessity of staying informed about insurance practices and regulatory changes. Key takeaways include:
Anticipate increased scrutiny on insurance pricing, which may influence premium rates and policy terms.
Expect improvements in claims handling processes, potentially leading to more efficient resolutions.
Be aware of enhanced complaint mechanisms, offering better avenues for addressing grievances.
Beauticians should proactively engage with their insurers to understand how these regulatory changes might impact their coverage and ensure their policies align with both business needs and compliance requirements.
Published:Sunday, 23rd Nov 2025 Source: Paige Estritori
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Subrogation: An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.
