«Breaking News» Bank says charging dead people for life insurance NOT an offence, defends actions as ‘appropriate’

Australian finance giant AMP has maintained its stance that charging dead people for life insurance is not an offence, despite coming in for heavy criticism from the banking royal commission.

During the sixth round of hearings at the commission, AMP refuted the various allegations made by counsel assisting, Rowena Orr QC.

The insurer said it was 'inevitable' and 'appropriate' to charge customers until it was informed of a death, when it is then policy to refund the money charged. 

Australian finance giant AMP has maintained its stance that charging dead people for life insurance is not an offence, calling it 'inevitable' and 'appropriate' (stock image)

In its submission, AMP said it is reliant upon a member's estate making contact to inform the company of a customer's passing.

'Often, this notification process is not instantaneous and it may be that AMP is unaware of a member's death for some time,' the submission read.

However, last month AMP was found to have charged more than 4,600 dead superannuation customers for life insurance, despite already knowing they were dead.

AMP refuted the various allegations made by counsel assisting, Rowena Orr QC (pictured)

The fees owing to members amounted to $1.3 million, AMP executive Paul Sainsbury revealed at the time. 

AMP did admit that an issue with how their refunds were 'calculated and processed' had arisen earlier this year.

'The issue did not concern whether AMP would refund the premiums, as it has always been AMP's policy to do so,' the submission read.

Life insurance firms ClearView, CommInsure and TAL also came under fire during the hearing for a range of similar misconduct accusations.

TAL admitted to breaking the law for its treatment of a nurse who was trying claim on an income protection policy, but denied it had a 'systematic problem' with assessing claims.

ClearView refuted claims that its cold-calling of customers was in breach of criminal law, but admitted that sales practices at ClearView Direct were 'unacceptable'. It has since been shut down.

Last month, AMP was found to have charged more than 4,600 dead superannuation customers for life insurance, despite already knowing they were dead (stock image)

Commonwealth Bank accepted that its life-insurance arm CommInsure might have breached criminal laws for misleading customers in the advertising of its heart attack policy.

Royal Commissioner Kenneth Hayne's interim report last week blamed 'rampant corporate greed and lazy regulators' for misconduct throughout the financial system.

The report did not cover superannuation and life insurance firms, which are due to be dealt with in his final report in February.

Royal Commissioner Kenneth Hayne's (pictured) interim report last week blamed 'rampant corporate greed and lazy regulators' for the misconduct throughout the financial system

hienalouca.com

https://hienalouca.com/2018/10/04/bank-says-charging-dead-people-for-life-insurance-not-an-offence-defends-actions-as-appropriate/
Main photo article Australian finance giant AMP has maintained its stance that charging dead people for life insurance is not an offence, despite coming in for heavy criticism from the banking royal commission.
During the sixth round of hearings at the commission, AMP refuted the various allegations made by...

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