Consultation Paper 294: The sale of add-on insurance and warranties through caryard intermediaries
The submission to the Australian Securities and Investment Commission on Consultation Paper 294: The sale of add-on insurance and warranties through caryard intermediaries (Discussion Paper) was prepared by the Australian Consumer Law and National Insurance Lawyers Committees of the Legal Practice Section.
The Committees strongly endorse the two proposals made by the Consultation Paper, being:
- a deferred sales model which would insert a pause into the sales process for add-on insurance and warranties regulated by the Corporations Act 2001 (Cth) other than comprehensive or compulsory third-party insurance products (Proposal 1); and
- the introduction of more robust and targeted requirements for providers to meet when supervising and monitoring their authorised representatives (Proposal 2).
You can read the full submission below.