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Submission to Senate Review of Protecting Your Super Package Legislation

  • On 24/07/2018
The Senate Economics Legislation Committee is reviewing the Government’s legislation implementing the Protecting Your Super Package (announced at the Budget in May). Rice Warner was asked to provide additional information as part of this review. Rice Warner had already made a submission as part of the Government’s initial call for views as part of the […]
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Life insurance adequacy

  • On 08/02/2018
Life insurance in Australia is sold through three different channels, all of which are under scrutiny.  Direct sales fill some needs but they are often relatively poor value, as evidenced by the current ASIC investigation into this segment.  Similarly, intermediated retail sales are comprehensive but profitability has been challenging for most life companies in recent […]
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Sorting out Insurance in Super

  • On 07/12/2017
2017 has been a year with the most ever industry discussion on insurance in superannuation. The brand of life insurance has been tarnished by a succession of poor publicity, far outweighing the social good and valuable benefits provided to the community. In group insurance, the key focus has been on building a better experience for […]
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Insurance Code – a win for members, but check the fine print

  • On 27/09/2017
Last week, the Insurance in Superannuation Working Group (ISWG) released a Draft Code of Practice for Insurance in Superannuation which is intended to be binding on all APRA Approved Superannuation Funds.   This Code is a positive step for the industry which has suffered much condemnation over recent years. It addresses a wide range of concerns, […]
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Breathing life back into disability insurance

  • On 12/09/2017
APRA statistics show the life insurance industry has lost $1.5 billion over the last four years on retail income protection policies.  This has occurred during a period of stable economic and employment conditions – conditions under which these policies ought to be profitable.  The industry has responded by ramping up premium rates by 30% or […]
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