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Speech

Framing the future of financial services: strengthening competition and consumer engagement

In the keynote address for the Gilbert + Tobin Financial Services Forum on Thursday 31 October 2024, ACCC Chair, Ms Gina Cass-Gottlieb spoke about the significant changes happening in the financial services sector and the implications of these for the ACCC’s work.

Media release

Cyclone reinsurance pool begins delivering some savings

The Government’s cyclone reinsurance pool has begun delivering lower premiums for some consumers in some regions facing higher risk of cyclones, the ACCC’s third insurance monitoring report has found.

Media release

Insurance prices in northern Australia remain high while cyclone reinsurance pool in transition

Home, strata and small business insurance premiums in northern Australia remained much more expensive in 2022–23 compared to the rest of Australia, the ACCC’s second annual insurance monitoring report has revealed.

Media release

Insurance premiums in northern Australia remain high ahead of insurers joining reinsurance pool

Insurance affordability remains a significant issue in northern Australia and other high cyclone risk areas, according to the ACCC’s first insurance monitoring report.

Media release

Compare the Market's proposed acquisition of iSelect not opposed

The ACCC will not oppose Innovation Holdings Australia Pty Ltd’s (IHA) proposed acquisition of iSelect Limited (ASX:ISU).

Media release

Health funds continue to return profits to meet COVID-19 commitments

Health insurers have handed back to policyholders about $2.1 billion of the profits they gained from a reduction in claims between the start of the pandemic and 30 June 2022, the ACCC’s latest report into the private health insurance industry has found.

Media release

SmileDirectClub to pay $3.5m for misleading claims

The Federal Court has ordered SmileDirectClub Aus Pty Ltd and its US parent company, SmileDirectClub LLC (together SmileDirectClub), to pay penalties totalling $3.5 million and to compensate customers, after court action by the ACCC.

Media release

HICC failed to tell consumers of cooling-off period in unsolicited sales of private health insurance

Health insurance comparison business Health Insurance Comparison Choosewell Pty Ltd (HICC) has admitted breaching the Australian Consumer Law (ACL) by failing to inform consumers of their termination rights, including a 10 business day cooling-off period, when entering into unsolicited consumer agreements for private health insurance.

Update

ACCC grants authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

The ACCC has granted authorisation to enable the Insurance Council of Australia (the ICA) and firms that issue business interruption insurance policies to enter and give effect to agreements to use a web-based portal called the DSpark Tool to assist in the assessment of business interruption insurance claims arising from COVID-19.

Update

ACCC proposes to grant authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

The ACCC has issued a draft determination proposing to grant authorisation to enable the Insurance Council of Australia (the ICA) and firms that issue business interruption insurance policies to enter and give effect to agreements to use a web-based portal called the DSpark Tool to assist in the assessment of business interruption insurance claims arising from COVID-19.

Media release

Health funds must exercise caution when calculating COVID-19 relief for policyholders

Insurers have continued to return profits gained from a reduction in claims during the COVID‑19 pandemic to policyholders, but ongoing restrictions in some states delayed the full return of these profits in 2020-21, the latest ACCC annual report into the private health insurance industry has found.

Update

ACCC grants interim authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

The ACCC has decided to grant interim authorisation to the Insurance Council of Australia (the ICA) and its members who issue business interruption insurance policies.

Update

Reserve Bank Health Society able to continue to outsource services to Peoplecare

The ACCC has issued a final determination granting authorisation to enable the Reserve Bank Health Society to continue to engage another health insurer, Peoplecare Health Limited, to provide a range of administrative, operational and management services.

Media release

Honeysuckle Health, nib buying group authorised with condition

The ACCC has authorised Honeysuckle Health and nib Health Funds (ASX: NHF) to form and operate a health services buying group.

Media release

Aon withdraws clearance request for WTW merger

Aon plc (Aon) has withdrawn its request for merger clearance by the ACCC of its proposed acquisition of Willis Towers Watson plc (WTW), having decided to terminate their proposed merger.

Media release

ACCC alleges SmileDirectClub misled consumers about health insurance reimbursement

The ACCC has instituted Federal Court proceedings against SmileDirectClub Aus Pty Ltd and its US parent company, SmileDirectClub LLC (together SmileDirectClub) over alleged false and misleading statements about private health insurance reimbursement for its clear teeth aligners and associated treatment.

Media release

Mosaic Brands pays $630,000 in penalties over COVID-related 'health essentials'

Mosaic Brands Limited, an ASX listed company, has paid penalties totalling $630,000, and admitted that it breached the Australia Consumer Law in its promotion of pandemic-related ‘Health Essential Products’.

Media release

ACCC proposes to authorise Honeysuckle Health and nib buying group

The ACCC has issued a draft determination proposing to authorise Honeysuckle Health and nib health funds (ASX: NHF) to form and operate a health services buying group for five years.

Media release

NIB to continue to notify consumers of health insurance changes which increase out-of-pocket expenses

The ACCC and NIB Health Funds Limited (NIB) have agreed to the ACCC’s Federal Court proceedings against NIB being discontinued after NIB committed to continue to provide advance notice to its members of policy changes which are likely to result in higher out-of-pocket expenses for consumers.

Media release

ACCC does not oppose Compare the Market's owners increasing stake in iSelect

The ACCC will not oppose acquisitions by Innovation Holdings Australia Pty Ltd (IHA) that would result in it holding up to 35 per cent of shares in iSelect Limited (ASX: ISU).

Update

ACCC grants interim authorisation for ongoing cooperation between Private Health Insurers during the COVID-19 pandemic

The ACCC has granted conditional interim authorisation to PHA to enable private health insurers to coordinate on providing financial relief to policy holders during the COVID-19 pandemic, and broadening insurance coverage to include COVID-19 treatment, tele-health and medical treatment provided at home.

Media release

Northern Australian communities need more affordable insurance

Unaffordable home, contents and strata insurance is a major challenge to the liveability and prosperity of communities, towns and cities across northern Australia, but a range of actions could help address this, according to a major report published by the ACCC.

Media release

Health funds pay policyholders $500 million less due to COVID-19

Insurers have paid out $500 million less in hospital and extras benefits in 2019-20 compared to the previous year, the latest ACCC annual report into the private health insurance industry has found.

Media release

ACCC to investigate the acquisition of iSelect shares by Compare the Market's owners

The ACCC is investigating acquisitions by Innovation Holdings Australia Pty Ltd.

Framing the future of financial services: strengthening competition and consumer engagement

Cyclone reinsurance pool begins delivering some savings

Insurance prices in northern Australia remain high while cyclone reinsurance pool in transition

Insurance premiums in northern Australia remain high ahead of insurers joining reinsurance pool

Compare the Market's proposed acquisition of iSelect not opposed

Health funds continue to return profits to meet COVID-19 commitments

SmileDirectClub to pay $3.5m for misleading claims

HICC failed to tell consumers of cooling-off period in unsolicited sales of private health insurance

ACCC grants authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

ACCC proposes to grant authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

Health funds must exercise caution when calculating COVID-19 relief for policyholders

ACCC grants interim authorisation for arrangements to assist assessment of business interruption insurance claims arising from COVID-19

Reserve Bank Health Society able to continue to outsource services to Peoplecare

Honeysuckle Health, nib buying group authorised with condition

Aon withdraws clearance request for WTW merger

ACCC alleges SmileDirectClub misled consumers about health insurance reimbursement

Mosaic Brands pays $630,000 in penalties over COVID-related 'health essentials'

ACCC proposes to authorise Honeysuckle Health and nib buying group

NIB to continue to notify consumers of health insurance changes which increase out-of-pocket expenses

ACCC does not oppose Compare the Market's owners increasing stake in iSelect

ACCC grants interim authorisation for ongoing cooperation between Private Health Insurers during the COVID-19 pandemic

Northern Australian communities need more affordable insurance

Health funds pay policyholders $500 million less due to COVID-19

ACCC to investigate the acquisition of iSelect shares by Compare the Market's owners

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