In brief - 2019 has been a milestone year for the regulation of
insurance
It has followed the Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services Industry (Royal
Commission) and the Federal Government election.
Generally, regulatory action has superseded legislative change
in the insurance sector.
The bancassurance model is likely doomed after the Royal
Commission, as banks seek to offload life insurance arms and class
actions hit the banks over the sale of "junk" general
insurance.
The product design and intervention power and the introduction
of BEAR to insurance will consume a lot of management time (with,
in our view, questionable benefit to insurers or the market).
