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Westpac Banking Corporation - Insurance Submissions on Policy and General Questions POL.9006.0001 .0176_0001 Westpac Banking Corporation - Insurance Submissions on Policy and General Questions Royal Commission into Misconduct in the Banking, Superannuation and Rnancial Services Industry 25 October 2018 200 'llestpaC GROUP POL.9006.0001.0176_0002 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Westpac Banking Corporation - Round 6 Insurance Submissions on Policy and General Questions INTRODUCTION 1. These submissions set out the responses of Westpac Banking Corporation (Westpac) to the Commission's invitation to respond to policy and general questions raised following the insurance round of hearings. Question 1 Is the current regulatory regime adequate to minimise consumer detriment? If the current regulatory regime is not adequate to achieve that purpose, what should be changed? 2. The current regulatory regime governing general and life insurance provides a solid framework of legislation, regulatory standards, guides and industry codes for the governance, stability and conduct of insurers, and for the protection of consumers. In terms of legislation alone, insurance is subject to specific requirements and protections imposed by the Life Insurance Act 1995 (Cth) (Life Insurance Act), the Insurance Act 1973 (Cth) (Insurance Act), and the Insurance Contracts Act 1984 (Cth) (Insurance Contracts Act), as well as the Corporations Act 2001 (Cth) (Corporations Act) and the Australian Securities and Investments Commission Act 2001 (ASIC Act). The General Insurance Code of Practice (General Insurance Code) and the Life Insurance Code of Practice (Life Insurance Code) also play a significant role in setting standards for insurer conduct. 3. While the current framework is comprehensive and adequate in striking a balance between the interests of all policyholders, the public and insurers, there are some aspects of the framework that could be enhanced. Westpac recognises that the Commission has identified areas of concern in relation to insurer conduct falling below community standards and expectations. Westpac supports appropriate changes to the current regulatory regime to address the issues identified by the Commission and to prevent the reoccurrence of the types of conduct explored in the case studies. Westpac also supports the simplification of existing legislation to reduce complexity for both consumers and insurers alike. 4. In these submissions, Westpac outlines a number of proposals for regulatory change which it supports and which would help ensure better consumer outcomes. These proposals include: a. the introduction of a tailored unfair contract terms regime to insurance contracts; b. increased obligations in relation to claims handling, with corresponding ASIC powers to enforce these obligations; c. ASIC approval of the industry codes of practice (general and life insurance), and for those codes to be compulsory for all insurers; POL.9006.0001.0176_0003 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Westpac Banking Corporation – Round 6 Insurance Submissions on Policy and General Questions d. amendments to the Insurance Contracts Act to provide that life insurance contracts can only be avoided in the event of non-fraudulent non-disclosure if the insurer would not have provided cover on any terms; and e. that there should be consultations in relation to amendments to the duty of disclosure in line with the UK duty to take reasonable care. 5. Each of these reforms would need to be subject to an appropriately thorough consultation process to ensure that there are no unintended consequences which would arise from their implementation. It is important to ensure that proposed changes to the regulatory regime interact as a cohesive whole. 6. Self-regulation should also continue to form a vital part of the regulatory regime. Industry self- regulation is an effective tool in the regulatory framework, as industry codes are timely, quickly adaptable to changing needs and expectations,1 have the potential to deliver increased consumer protection, and set detailed standards which the industry must adhere to in the distribution of products and the management of policies, including the handling of claims. Industry codes complement the critical role that legislation and regulation play in enforcing minimum prudential and conduct requirements.2 Westpac supports all insurers being subscribers to the relevant codes applicable to their business. 7. Westpac General Insurance Limited is a subscriber to the General Insurance Code and Westpac Life Insurance Services Limited is a subscriber to the Life Insurance Code. The next iterations of the General Insurance Code and the Life Insurance Code are expected to contain further enhancements to address consumer detriment, including new requirements relating to vulnerable customers. For the Life Insurance Code, these enhancements are expected to include restrictions on obtaining medical information unrelated to a claim, restricting the right of an insurer to avoid a contract for non-disclosure of a condition unrelated to a claim, and enhanced protections regarding surveillance. As outlined further below in these submissions, Westpac has already adopted a number of these enhancements. Westpac’s superannuation trustees have also committed to adopting the Insurance in Superannuation Voluntary Code of Practice. 1 See Ex #6.404, Statement of Mr Whelan dated 27 August 2018, [214]. 2 See Ex #6.404, Statement of Mr Whelan dated 27 August 2018, [237]. 2 POL.9006.0001.0176_0004 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Westpac Banking Corporation -Round 6 Insurance Submissions on Policy and General Questions A. PRODUCT DESIGN Question 2 Are there particular products - like accidental death and accidental injury products - which should not be sold? 8. As a general principle, Westpac does not support prohibiting the sale of particular products. Provided that a product provides value to an identified target market, there is clear disclosure of the terms and conditions, including limits and exclusions, and there is robust training, monitoring and auditing to ensure appropriate sales processes and procedures are being followed, a product issuer should have the discretion to determine whether to offer a parti cular product. 9. Specific issues with products currently on sale could be addressed by changes at the product design and distribution stages. For accidental death and injury products, the next iteration of the Life Insurance Code is expected to require insurers who offer stand-alone accidental death and injury products to identify and document the characteristics of people in the target market for each product, and outline why those people may need the product. Insurers will not be permitted to knowingly promote the product to people not in the target market. Westpac supports these changes. 10. In addition, all products will be subject to the general design and distribution obligations, and ASIC's product intervention powers, as contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018, which has recently been the subject of a consultation process.3 Question 3 Should the requirements of the Life Insurance Code of Practice in relation to updating medical definitions be extended to products other than on-sale products? 11. Westpac supports the requirements of the Life Insurance Code in relation to updating medical definitions being extended to off-sale products, to reflect changes in diagnostic criteria. That would ensure that people suffering from a parti cular condition have their cl aim determined using the diagnostic criteria which are applied today in relation to that condition. 12. In addition, Westpac would support legislative reforms to facilitate insurers bringing older insurance portfolios in line with more contemporary products through product rationalisation. 3 As identified by ASIC in Report 587, ASIC will monitor consumer outcomes for accidental death insurance, including rates of cooling-off cancellations, short-term lapses, and claims outcomes. If ASIC remains concerned about consumer outcomes and sales practices, they have said they will consider using these additional powers to intervene. 3 POL.9006.0001.0176_0005 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Westpac Banking Corporation -Round 6 Insurance Submissions on Policy and General Questions This approach was recommended by both the Financial System lnquiry4 and the Parliamentary Joint Committee on Corporations and Financial Services' report into the Life Insurance Industry (PJC Life Insurance Report).5 Product rationalisation is needed for life insurers to be able to provide better products to all consumers, as it enables consumers with legacy products no longer suitable for their needs to be more easily transferred to a more suitable product, taking into account benefit and price issues (where those policyholders would be no worse off as a result of the transfer). 13. Westpac believes its current procedures, as set out in the statement of Ms Houghton dated 28 August 2018 in response to Rubric 6-14, already comply with any extension of the requirements in Clause 3.2 of the Life Insurance Code to off-sale products, 6 and would welcome this approach being taken across the industry. Effective 1 March 2018, Westpac Life Insurance Services Limited also provided
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