The Final Report of the Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services Industry
(Royal Commission) contains recommendations
which may result in increased claim activity, and also lead to
legislative change affecting how insurance claims are likely to be
handled and assessed. We set out a summary of the key points on
these issues together with our observations and comments below.
Potential claims
Based on the recommendations in the Final Report, it is likely
that insurers and their insureds will experience the following
increase in claims activity:
- First, there will be regulatory investigations and/or
enforcement proceedings brought on account of the findings in the
Final Report. Specifically, Commissioner Hayne made findings of 19
instances of possible misconduct covering 24 civil or criminal
offences across 22 entities.
