A speech by Peter Kell, Deputy Chairman, 魅影直播, to the Insurance Council of Australia (ICA), 28 February 2014
...
Introduction
...
As always, I welcome the opportunity to set out 魅影直播鈥檚 priorities for the year ahead in the general insurance sector.
...
ASIC鈥檚 role
As you will be aware, 魅影直播 is responsible for administering the provisions of the Corporations Act 2001 (Corporations Act) which govern conduct and disclosure by financial services licensees. We are also responsible for enforcing the consumer protection provisions of the 魅影直播 Act 2001 (魅影直播 Act) and for administering the Insurance Contracts Act 1984 (Insurance Contracts Act).
Our aim in administering these laws is to ensure that consumers can have confidence in the financial system. Consumers should be able to trust the firms that they deal with and the information they receive. 魅影直播 wants to see confident and informed consumers, and this objective determines the areas we focus our attention on.
In addition, 魅影直播 is also concerned with ensuring that the market operates efficiently, and that we administer the law in a way that allows honest and competitive businesses to prosper. We want firms to operate on a level playing field where they understand the approach of the regulator.
Today I want to:
- run through recent reforms in the retail insurance sector, particularly those that emerged out of recent natural disasters
- outline several of our projects in the general insurance sector, including a review of home insurance and comparison websites, and聽
- set out 魅影直播鈥檚 approach to 鈥榓dd-on鈥� insurance products and why this is an important area of focus for the regulator.