POWERED BY MOMENTUM MEDIA
AIA welcomes Life Insurance Code of Practice
Life insurer AIA Australia has welcomed the commencement of the Financial Services Council’s (FSC’s) Life Insurance Code of Practice as of 1 July 2017.
AIA Australia and New Zealand chief executive, Damien Mu, said the code was an important first step in building confidence with Australian consumers.
“The purpose of the code is to provide greater clarity and transparency to deliver a better outcome for life insurance customers, and I am pleased that AIA Australia is fully compliant,” Mu said.
“In the life insurance industry, we need to continually strive to improve. Thus, we need to continue to evolve the code, and ultimately we should look to have it registered with ASIC [the Australian Securities and Investments Commission].”
The code is designed to protect consumers by promoting higher standards of service, setting benchmarks of consistency within the industry and establishing a framework for professional conduct.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
