Transparency in Australian Insurance Law and Regulation: Regulation and Intermediaries

Abstract

This chapter explains how transparency is achieved in the Australian insurance industry through the regulation of insurers and intermediaries. Commencing with a high-level overview of Australia’s financial services regulatory framework, it then proceeds to examine the important roles played by the Australian Securities and Investments Commission and the Australian Prudential Regulation in ensuring compliance with these regulations. Through a discussion of recent case studies, the chapter shows how these regulators have been active in their efforts to promote transparency and fairness both in the selling of insurance and in the handling of insurance claims. The chapter also explains how the implementation of reforms arising from the 2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will further ensure adherence to the principles of transparency and fairness in the years to come.