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Australian insurance law is based on commercial contract law, but is subject to regulations that affect the insurance industry and insurance contracts within Australia. Commonwealth Parliament has power to make laws with respect to insurance and insurance companies under section 51 (xiv) (insurance other than state insurance) and (xx) (the ...
It consists of Club Employers Mutual and Hotel Employers Mutual. With the industry-based workers compensation license from WorkCover and the Australian Prudential Regulation Authority (APRA), Club Employers Mutual is authorised to provide insurance and compensation services for designated hospitality entities in Australia. [20]
Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers that provide services in Australia. [3] AFCA is led by the Chief Ombudsman and CEO, presently David Locke. [4] [5]
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. [ 2 ]
The Corporations and Financial Services Commission was renamed and its role expanded as the Australian Securities and Investments Commission (ASIC) to deal with market integrity, consumer protection and corporations. APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998.
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. The Financial Ombudsman Service was superseded in 2018 by the Australian Financial Complaints Authority (AFCA).
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Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance.These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of ...