Footnotes


Chapter 1 - Introduction

[1]        Journals of the Senate, No. 17, 22 November 2016, p. 561.

[2]        Journals of the Senate, No. 46, 20 June 2017, p. 1494.

[3]        Journals of the Senate, No. 17, 22 November 2016, p. 561.

[4]        Home insurance is also commonly known as householders, homeowners, or residential building and contents insurance. For the remainder of this report, the term 'home insurance' is used to refer to insurance covering both an individual's home building and home contents unless otherwise specified. The terms car and motor insurance are used interchangeably throughout this report.

[5]        Allianz, Submission 4, pp. 2–3.

[6]        Allianz, Submission 4, p. 4.

[7]        Gross earned premium (GEP) is the total premium on insurance earned by an insurer or reinsurer during a specified period on premiums underwritten.

[8]        Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 5.

[9]        QBE, Submission 16, p. 2.

[10]      Mr Timothy Wedlock, President, National Insurance Brokers Association, Proof Committee Hansard, 12 April 2017, p. 9.

[11]      Allianz, Submission 4, p. 3.

[12]      QBE, Submission 16, p. 18.

[13]      QBE, Submission 16, p. 18.

[14]      QBE, Submission 16, p. 18.

[15]      Allianz, Submission 4, p. 6.

[16]      QBE, Submission 16, p. 3.

[17]      QBE, Submission 16, p. 3.

[18]      QBE, Submission 16, p. 5.

[19]      Financial System Inquiry, Final Report, November 2014, p. 193.

[20]      Financial System Inquiry, Final Report, November 2014, p. 229.

[21]      Productivity Commission, Natural Disaster Funding Arrangements, Vol. 2, December 2014, p. 434.

[22]      Productivity Commission, Natural Disaster Funding Arrangements, Vol. 2, December 2014, p. 434.

[23]      Effective Disclosure Taskforce, Too Long; Didn’t Read: Enhancing General Insurance Disclosure, October 2015, p. 3.

[24]      Effective Disclosure Taskforce, Too Long; Didn’t Read: Enhancing General Insurance Disclosure, October 2015, pp. 14–15.

[25]      Insurance Council of Australia, Submission 13, p. 23.

Chapter 2 - The general insurance industry in Australia

[1]        Australian Prudential Regulation Authority, Submission 7, p. 1.

[2]        See IBISWorld, IBISWorld Industry Report K6322: General Insurance in Australia, November 2016, pp. 23–26. 

[3]        Australian Prudential Regulation Authority, answers to questions on notice, 12 April 2017 (received 5 May 2017).

[4]        Australian Prudential Regulation Authority, answers to questions on notice, 12 April 2017 (received 5 May 2017).

[5]        Australian Prudential Regulation Authority, Annual Report 2015–16, p. 24.

[6]        Australian Prudential Regulation Authority, Annual Report 2015–16, p. 24.

[7]        Gross written premium (GWP) is the total premium on insurance underwritten by an insurer or reinsurer during a specified period, before deduction of reinsurance premium.

[8]        National Insurance Brokers Association, Submission 2, p. 6.

[9]        Net profit after tax refers to profit from ordinary activities after income tax, before extraordinary items are taken into account.

[10]      Australian Prudential Regulation Authority, Quarterly General Insurance Performance Statistics, September 2016, p. 5.

[11]      Insurance Council of Australia, Submission 13, p. 13.

[12]      Licencing and product disclosure requirements pertaining to general insurance providers and products are contained in Chapter 7 of the Corporations Act. These provisions were first introduced through the Financial Services Reform Act 2001 with the broad objective of consolidating regulation of the financial services sector.

[13]      A standard form contract is one that has been prepared by one party to the contract and is not subject to negotiation between the parties.

[14]      Proof Committee Hansard, 12 April 2017, p. 62.

[15]      Australian Securities and Investments Commission, Submission 22, p. 8.

[16]      A person or entity who buys insurance is known as an insured or policyholder.

[17]      Insurance Contracts Act 1984, ss. 13(1).

[18]      Senator Gareth Evans, Attorney-General, Senate Hansard, 1 December 1983, p. 3136.

[19]      Insurance Council of Australia, General Insurance Code of Practice, http://codeofpractice.com.au/document (accessed 29 May 2017).

[20]      The Financial Ombudsman Service is approved to operate as an external dispute resolution scheme under ASIC’s Regulatory Guide 139 (RG 139).

[21]      Insurance Council of Australia, Media Release, Insurance Council kicks off fresh review of industry Code of Practice, February 2017, p.1.

[22]      Insurance Council of Australia, Submission 13, p. 25.

[23]      Australian Securities and Investments Commission, Submission 22, p. 9.

[24]      Australian Securities and Investments Commission, Submission 22, p. 9.

[25]      Australian Competition and Consumer Commission, Comparison websites: A guide for comparison website operators and suppliers, August 2015, p. 2. Accessed at: https://www.accc.gov.au/publications/comparator-websites-a-guide-for-comparator-website-operators-and-suppliers

[26]      Insurance Council of Australia, Submission 13, p. 8.

[27]      Insurance Council of Australia, Submission 13, p. 10.

[28]      Insurance Council of Australia, Submission 13, pp. 8, 10.

[29]      Insurance Council of Australia, Submission 13, p. 8.

[30]      Insurance Council of Australia, Submission 13, p. 10.

[31]      Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014, p. 3.

[32]      Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014, p. 19.

[33]      See Australian Bureau of Statistics, Cat No. 6345.0–Wage Price Index, Australia.

[34]      Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014, p. 19.

[35]      Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014, p. 19.

[36]      QBE, Submission 16, p. 5.

[37]      Financial Rights Legal Centre, Submission 9, p. 4.

[38]      Insurance Council of Australia, Submission 13, pp. 7–8. See also QBE, Submission 16, p. 5.

[39]      QBE, Submission 16, p. 5.

[40]      IAG, Submission 15, p. 18.

[41]      Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014, p. 3.

[42]      Insurance Council of Australia, Submission 13, p. 4.

[43]      QBE, Submission 16, p. 5.

[44]      Insurance Council of Australia, Submission 13, p. 4.

[45]      See Financial Rights Legal Centre, Submission 9, pp. 3–4.

[46]      National Insurance Brokers Association, Submission 2, p. 2; Insurance Council of Australia, Submission 13, p. 7; QBE, Submission 16, p. 5.

[47]      IAG, Submission 15, p. 16.

[48]      IAG, Submission 15, p. 16.

[49]      See, for example, Australian Government Actuary, Second Report on Strata Title Insurance Price Rises in North Queensland, June 2014; Australian Government Actuary, Report on home and contents insurance prices in North Queensland, December 2014; Northern Australia Insurance Premiums Taskforce, Final Report, November 2015.

[50]      See Mrs Margaret Shaw, Submission 21, p. 16.

[51]      Mr Anthony Justice, Chief Executive, Australian Consumer Division, IAG, Proof Committee Hansard, 12 April 2017, p. 39.

[52]      Australian Prudential Regulation Authority, Submission 7, p. 2.

[53]      National Insurance Brokers Association, Submission 2, p. 7.

[54]      Insurance Council of Australia, Submission 13, pp. 16–17.

[55]      Financial System Inquiry, Interim Report, July 2014, p. (2)39.

[56]      Mr John Rolfe, Submission 1, [p. 3].

[57]      Mr David Christie, Chief Administrative Officer, iSelect, Proof Committee Hansard, 13 April 2017, p. 34.

[58]      iSelect, Submission 6, p. 4.

[59]      Mrs Margaret Shaw, Submission 21, p. 16.

[60]      Mrs Margaret Shaw, Proof Committee Hansard, 13 April 2017, p. 12.

[61]      Australian Prudential Regulation Authority, Quarterly General Insurance Performance Statistics, September 2016, p. 5.

[62]      Insurance Council of Australia, Submission 13, pp. 13–14.

[63]      Proof Committee Hansard, 12 April 2017, p. 64.

[64]      Mr Andrew Broughton, Executive General Manager, Corporate Partners and Direct, QBE Insurance Australia and New Zealand, Proof Committee Hansard, 12 April 2017, p. 52.

[65]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 7.

[66]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 7.

[67]      Professor Allan Fels AO, private capacity, Proof Committee Hansard, 13 April 2017, p. 1. See also, Professor Allan Fels AO and Professor David Cousins AM, Submission 23, pp. 4, 7.

[68]      Professor Allan Fels AO, private capacity, Proof Committee Hansard, 13 April 2017, p. 1.

Chapter 3 - Transparency and the current product disclosure regime

[1]        Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 2, December 2014, p. 434.

[2]        Consumer Action Law Centre, Submission 5, p. 2.

[3]        Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 4.

[4]        See Financial Services Reform Bill 2001, Explanatory Memorandum, p. 1.

[5]        QBE, Submission 16, p. 10; Insurance Council of Australia, Submission 13, p. 21.

[6]        Corporations Act 2001, ss. 1013D(1).

[7]        Proof Committee Hansard, 12 April 2017, p. 30.

[8]        CHOICE, Submission 17, pp. 9–10.

[9]        Australian Securities and Investments Commission, Submission 22, p. 12.

[10]      Insurance Contracts Amendment Bill 2012, Explanatory Memorandum, p. 7.

[11]      Insurance Contracts Amendment Bill 2012, Explanatory Memorandum, pp. 11, 19.

[12]      Effective Disclosure Taskforce, Too Long; Didn’t Read: Enhancing General Insurance Disclosure, October 2015, p. 3.

[13]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 9.

[14]      See, for example, Financial Rights Legal Centre, Submission 9, p. 18; CHOICE, Submission 17, p. 12; Australian Securities and Investments Commission, Submission 22, p. 27.

[15]      CHOICE, Submission 17, p. 12.

[16]      Australian Securities and Investments Commission, Submission 22, p. 27.

[17]      Financial Conduct Authority, FCA to require insurance firms to publish details of last year's premium, Press Release, 3 December 2015, https://www.fca.org.uk/news/press-releases/fca-require-insurance-firms-publish-details-last-year%E2%80%99s-premium (accessed 3 June 2017).

[18]      Insurance Council of Australia, Submission 13, p. 20.

[19]      IAG, Submission 15, p. 26.

[20]      Financial Rights Legal Centre, Submission 9, p. 18.

[21]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 34.

[22]      Mr Anthony Justice, Chief Executive, Australian Consumer Division, IAG, Proof Committee Hansard, 12 April 2017, p. 45.

[23]      Australian Securities and Investments Commission, Submission 22, p. 27.

[24]      Financial Rights Legal Centre, Submission 9, p. 18.

[25]      Financial Rights Legal Centre, Submission 9, p. 17.

[26]      Mrs Margaret Shaw, private capacity, Proof Committee Hansard, 13 April 2017, p. 12.

[27]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 32.

[28]      See Effective Disclosure Taskforce, Too Long; Didn’t Read: Enhancing General Insurance Disclosure, October 2015, pp. 17–20.

[29]      See Susan Bell Research, Insuring your home: Consumers' experiences buying home insurance, ASIC Report 416, October 2014.

[30]      Australian Securities and Investments Commission, Submission 22, p. 11.

[31]      See, for example, iSelect, Submission 6, p. 5; CHOICE, Submission 17, p. 10; Victorian Council of Social Service, Submission 18, p. 12.

[32]      Mr John Rolfe, private capacity, Proof Committee Hansard, 12 April 2017, p. 4.

[33]      Good Shepherd Microfinance, Submission 8, [p. 4]. See also Victorian Council of Social Service, Submission 18, p. 12.

[34]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 26.

[35]      Proof Committee Hansard, 12 April 2017, p. 59.

[36]      Ms Kate O'Loughlin, Head of Government Relations and Industry Affairs, QBE Insurance Australia and New Zealand, Proof Committee Hansard, 12 April 2017, p. 61.

[37]      QBE, Submission 16, p. 10. See also Insurance Council of Australia, Submission 13, p. 24.

[38]      Australian Securities and Investments Commission, Submission 22, p. 29.

[39]      Insurance Contracts Act 1984, ss. 35(2), as cited in Consumer Action Law Centre,Submission 5, p. 7.

[40]      Proof Committee Hansard, 13 April 2017, p. 7.

[41]      See, for example, Consumer Action Law Centre, Submission 5, p. 8; Financial Rights Legal Centre, Submission 9, p. 30.

[42]      Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 7.

[43]      Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 7.

[44]      Mr Dallas Booth, Chief Executive Officer, National Insurance Brokers Association, Proof Committee Hansard, pp. 13–14.

[45]      Proof Committee Hansard, p. 14.

[46]      CHOICE, Submission 17, p. 13; Financial Rights Legal Centre, Submission 9, p. 30; iSelect, Submission 6, p. 5; Consumer Action Law Centre, Submission 5, p. 10.

[47]      CHOICE, Submission 17, p. 12.

[48]      CHOICE, Submission 17, p. 12.

[49]      Mr Michael Saadat, Senior Executive Leader—Deposit Takers, Credit and Insurers; Regional Commissioner—New South Wales, Australian Securities and Investments Commission, Proof Committee Hansard, 12 April 2017, p. 69.

[50]      See Insurance Council of Australia, Insurance Council welcomes Standard Definition of Flood, Media Release, 18 June 2012.

[51]      CHOICE, Submission 17, pp. 12, 17.

[52]      CHOICE, Submission 17, p. 12.

[53]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 34.

[54]      Insurance Council of Australia, answers to questions on notice, 12 April 2017 (received 5 May 2017).

[55]      Mr Nicholas Scofield, General Manager, Corporate Affairs, Allianz Australia Insurance Limited, Proof Committee Hansard, 12 April 2017, p. 57.

[56]      Insurance Contracts Amendment Bill 2012, Explanatory Memorandum, p. 7.

[57]      Insurance Contracts Amendment Regulation 2012 (No. 2).

[58]      Proof Committee Hansard, 12 April 2017, p. 17.

[59]      Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 12 April 2017, p. 17.

[60]      Mr Dallas Booth, Chief Executive Officer, National Insurance Brokers Association of Australia, Proof Committee Hansard, 12 April 2017, p. 10.

[61]      Mr Nicholas Scofield, General Manager, Corporate Affairs, Allianz Australia Insurance Limited, Proof Committee Hansard, 12 April 2017, pp. 56–57.

[62]      Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 12 April 2017, p. 17.

[63]      Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 11.

Chapter 4 - Insurance comparison services: costs and benefits

[1]        Compare the Market, Submission 3, [p. 2].

[2]        Insurance Council of Australia, Submission 13, p. 25.

[3]        Australian Competition and Consumer Commission, The comparator website industry in Australia, November 2014, pp. 2, 14–16. See also, Australian Securities and Investments Commission, Submission 22, p. 20.

[4]        World Bank, Public Sector-operated Price-comparison Websites: Case Studies and Good Practices, 2013, pp. 4–5.

[5]        World Bank, Public Sector-operated Price-comparison Websites: Case Studies and Good Practices, 2013, p. 5.

[6]        World Bank, Public Sector-operated Price-comparison Websites: Case Studies and Good Practices, 2013, p. 5.

[7]        Australian Securities and Investments Commission, Submission 22, p. 3.

[8]        Australian Securities and Investments Commission, Submission 22, p. 25.

[9]        Compare the Market, Submission 3, [p. 1].

[10]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 11.

[11]      Mr John Rolfe, Submission 1, [p. 1].

[12]      Mr John Rolfe, Submission 1, [p. 7].

[13]      See, for example, Financial Rights Legal Centre, Submission 9, p. 21; Insurance Council of Australia; Submission 13, p. 30; Australian Prudential Regulation Authority, Submission 7, p. 3; Suncorp, Submission 14, p. 12.

[14]      Financial Rights Legal Centre, Submission 9, p. 21.

[15]      Insurance Council of Australia, Submission 13, p. 30.

[16]      National Insurance Brokers Association, Submission 2, p. 2.

[17]      Australian Securities and Investments Commission, Submission 22, p. 5.

[18]      Australian Prudential Regulation Authority, Submission 7, p. 2.

[19]      Allianz, Submission 4, p. 18.

[20]      Allianz, Submission 4, p. 18.

[21]      QBE, Submission 16, p. 16; Allianz, Submission 4, p. 19.

[22]      Allianz, Submission 4, p. 21.

[23]      Insurance Council of Australia, Submission 13, p. 30.

[24]      IAG, Submission 15, p. 4.

[25]      Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 12 April 2017, p. 18.

[26]      See, for example, Australian Securities and Investments Commission, Submission 22, p. 20; QBE, Submission 16, p. 16; IAG, Submission 15, p. 31; iSelect, Submission 6, p. 2.

[27]      Australian Securities and Investments Commission, Submission 22, p. 20.

[28]      QBE, Submission 16, p. 16.

[29]      Mr Michael Saadat, Senior Executive Leader—Deposit Takers, Credit and Insurers; Regional Commissioner—New South Wales, Australian Securities and Investments Commission, Proof Committee Hansard, 12 April 2017, p. 71.

[30]      Proof Committee Hansard, 13 April 2017, p. 20.

[31]      Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 7.

[32]      Mr John Rolfe, private capacity, Proof Committee Hansard, 12 April 2017, p. 4.

[33]      Ms Alexandra Kelly, Principal Solicitor, Financial Rights Legal Centre, Proof Committee Hansard, 12 April 2017, p. 19.

[34]      QBE, Submission 16, p. 14.

[35]      IAG, Submission 15, p. 31.

[36]      Mr Michael Keyte, Group Executive, Life and General Insurance, iSelect, Proof Committee Hansard, 13 April 2017, p. 35.

[37]      Mrs Margaret Shaw, private capacity, Proof Committee Hansard, 13 April 2017, p. 12.

[38]      Allianz, Submission 4, p. 1.

[39]      Australian Securities and Investments Commission, Submission 22, p. 16.

[40]      Australian Securities and Investments Commission, Submission 22, p. 17.

[41]      Insurance Council of Australia, Submission 13, p. 27.

[42]      Allianz, Submission 4, p. 22.

[43]      Financial Conduct Authority, Price comparison websites in the general insurance sector, July 2014, p. 3, as cited in Australian Securities and Investments Commission, Submission 22, p. 17.

[44]      Australian Securities and Investments Commission, Submission 22, p. 18.

[45]      Insurance Council of Australia, Submission 13, p. 26.

[46]      Insurance Council of Australia, Submission 13, p. 25; QBE, Submission 16, p. 12.

[47]      Insurance Council of Australia, Submission 13, p. 25; QBE, Submission 16, p. 12.

[48]      World Bank, Public Sector-operated Price-comparison Websites: Case Studies and Good Practices, 2013, p. 28.

[49]      Australian Securities and Investments Commission, Submission 22, p. 19.

[50]      QBE, Submission 16, p. 12.

[51]      TNS Gallup for Consumer Council of Norway, Change habits of Norwegians– financial services: Changing frequencies and the use of public digital comparison services, January 2016, p. 6, as cited in QBE, Submission 16, p. 12. See also, Insurance Council of Australia, Submission 13, p. 25.

[52]      Australian Securities and Investments Commission, Submission 22, p. 19; Insurance Council of Australia, Submission 13, p. 26.

[53]      Australian Securities and Investments Commission, Submission 22, p. 19.

[54]      Australian Securities and Investments Commission, Submission 22, p. 19.

[55]      Insure.com, Car insurance rates by state, 2016 edition, http://www.insure.com/car-insurance/car-insurance-rates.html, as cited in Insurance Council of Australia, Submission 13, p. 26.

[56]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, p. 13.

[57]      Professor Allan Fels AO and Professor David Cousins AM, Submission 23, pp. 13–14.

[58]      Professor David Cousins AM, private capacity, Proof Committee Hansard, 13 April 2017, p. 5.

[59]      Financial System Inquiry, Interim Report, July 2014, p. 2-40.

[60]      Financial System Inquiry, Interim Report, July 2014, p. 2-40.

[61]      Commonwealth Ombudsman, Private Health Insurance Ombudsman: State of the Health Funds Report 2016, p. 8.

[62]      Commonwealth Ombudsman, Private Health Insurance Ombudsman: State of the Health Funds Report 2016, p. 8.

[63]      Mr John Rolfe, Submission 1, [p. 7].

[64]      Suncorp, Submission 14, p. 13.

[65]      Consumer Action Law Centre, Submission 5, p. 4.

[66]      Australian Securities and Investments Commission, Submission 22, pp. 22–23.

[67]      Australian Securities and Investments Commission, Submission 22, p. 23.

[68]      Australian Securities and Investments Commission, Submission 22, p. 23.

[69]      Australian Securities and Investments Commission, Submission 22, p. 23.

[70]      Mr Dallas Booth, Chief Executive Officer, National Insurance Brokers Association of Australia, Proof Committee Hansard, 12 April 2017, p. 15.

[71]      Financial Rights Legal Centre, Submission 9, p. 22.

[72]      Mrs Margaret Shaw, Submission 21, p. 30.

[73]      Professor David Cousins AM, private capacity, Proof Committee Hansard, 13 April 2017, p. 2.

[74]      Mr John Rolfe, Submission 1, [p. 4].

[75]      See Proof Committee Hansard, 12 April 2017, pp. 6, 48, 58.

[76]      Mr Nicholas Heys, Deputy General Manager, Enforcement Coordination, Australian Competition and Consumer Commission, Proof Committee Hansard, 13 April 2017, p. 45.

[77]      Mr Michael Keyte, Group Executive, Life and General Insurance, iSelect, Proof Committee Hansard, 13 April 2017, p. 40.

[78]      Mr David Christie, Chief Administrative Officer, iSelect, Proof Committee Hansard, 13 April 2017, p. 34.

[79]      Compare the Market, Supplementary Submission 3.1, [p. 3].

[80]      Ms Erin Turner, Head of Campaigns and Policy, CHOICE, Proof Committee Hansard, 12 April 2017, p. 22.

[81]      Mr John Rolfe, Submission 1, [p. 4].

[82]      Suncorp, Submission 14, p. 16.

[83]      Allianz, Submission 4, p. 2.

[84]      Compare the Market, Supplementary Submission 3.1, [p. 6].

[85]      Consumer Action Law Centre, Submission 5, pp. 5–6.

[86]      Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 8.

Chapter 5 - Other matters raised

[1]        UCT provisions do not apply to terms regulated by the Insurance Contracts Act 1984.

[2]        The UCT provisions in the ASIC Act mirror the Australian Consumer Law, Chapter 2 Part 2–3. ASIC has responsibility for enforcing the consumer protection provisions, including the UCT laws, in the ASIC Act in relation to financial products and services.

[3]        See, for example, Financial Rights Legal Centre, Submission 9, p. 29; Consumer Action Law Centre, Submission 5, pp. 2, 12; CHOICE, Submission 17, p. 13.

[4]        Ms Emma King, Chief Executive Officer, Victorian Council of Social Service, Proof Committee Hansard, 13 April 2017, p. 19.

[5]        Financial Rights Legal Centre, Submission 9, p. 29. 

[6]        CHOICE, Submission 17, p. 13.

[7]        Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 7.

[8]        Mr Michael Saadat, Senior Executive Leader—Deposit Takers, Credit and Insurers; Regional Commissioner—New South Wales, Australian Securities and Investments Commission, Proof Committee Hansard, 12 April 2017, p. 69.

[9]        Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 33.

[10]      Mr Anthony Justice, Chief Executive, Australian Consumer Division, IAG, Proof Committee Hansard, 12 April 2017, p. 47.

[11]      Consumer Action Law Centre, Submission 5, p. 12; CHOICE, Submission 17, p. 14.

[12]      Consumer Action Law Centre, Submission 5, p. 12.

[13]      Ms Susan Quinn, Senior Policy Officer, Consumer Action Law Centre, Proof Committee Hansard, 13 April 2017, p. 11.

[14]      Depending on the relevant state or territory legislation, a body corporate can also be known as an owners corporation, strata company, or community association.

[15]      In performing the function of arranging strata insurance on behalf of a body corporate, strata managers are considered under the Corporations Act 2001 as providing a 'financial service'. In order to provide a financial service, a company or person must either hold an Australian Financial Services (AFS) Licence or be appointed as a representative by a Licensee.

[16]      Allianz, answers to questions on notice, 12 April 2017 (received 4 May 2017).

[17]      Corporations Act 2001, para. 942C(2)(f).

[18]      See Corporations Act 2001, para. 912A(1)(aa).

[19]      See Schedule 2, Body Corporate and Community Management Act 1997 (Qld).

[20]      Owners Corporation Network, Submission 12, p. 2.

[21]      Owners Corporation Network, Submission 12, p. 2.

[22]      Owners Corporation Network, Submission 12, pp. 2-3.

[23]      Mrs Margaret Shaw, private capacity, Proof Committee Hansard, 13 April 2017, p. 14.

[24]      Mr Andrew Ziolkowski, Executive General Manager, Underwriting, Australian Business Division, IAG, Proof Committee Hansard, 12 April 2017, p. 40.

[25]      Insurance Council of Australia, answers to questions on notice, 12 April 2017 (received 5 May 2017).

[26]      Insurance Council of Australia, answers to questions on notice, 12 April 2017 (received 5 May 2017). See also Allianz, answers to questions on notice, 12 April 2017 (received 4 May 2017).

[27]      Allianz, answers to questions on notice, 12 April 2017 (received 4 May 2017).

[28]      Allianz, answers to questions on notice, 12 April 2017 (received 4 May 2017).

[29]      See Strata Schemes Management Act 2015 (NSW), s. 60.

[30]      Mr Andrew Broughton, Executive General Manager, Corporate Partners and Direct, QBE Insurance Australia and New Zealand, Proof Committee Hansard, 12 April 2017, pp. 53-54.

[31]      See, for example, Suncorp, Submission 14, p. 21; Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 27.

[32]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 27.

[33]      Mr Anthony Justice, Chief Executive, Australian Consumer Division, IAG, Proof Committee Hansard, 12 April 2017, p. 37.

[34]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. v.

[35]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 2.

[36]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 2.

[37]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 2.

[38]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 3.

[39]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 2.

[40]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 27.

[41]      Mr Rob Whelan, Executive Director and Chief Executive Officer, Insurance Council of Australia, Proof Committee Hansard, 12 April 2017, p. 30.

[42]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 9.

[43]      Productivity Commission, Natural Disaster Funding Arrangements—Inquiry Report, Vol. 1, December 2014, p. 127.