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RCD.0001.0015.0002 About RCD.0001.0015.0002 • IC 29 January 2018 By email: [email protected] The Hon K.M. Hayne AC QC Royal Commissioner Royal Commission into Misconduct in the Bctnking, Superannuation and Financial Services Industry Dear Commissioner Thank you for your letters dated 15 December 2017 to Insurance Australta limited and CGU Insurance Limited. Enclosed with this letter are the responses to your questions. We have also set out below some information about Insurance Australia Group (IAG) and how we are regulated. The financial services industry plays an important role in the lives of Australians. We understand the government, regulators and the broader community are concerned about culture and conduct in the financial services sector and hope that this Royal Commission will contribute towards an improvement in trust and confidence in the sector About IAG IAG is one of Australia's leading general insurance groups and conducts its business through some of Australia's best-known insurance brands including NRMA Insurance, CGU, SGIO, SGIC and RACV. Through our brands, IAG businesses have been serving Australians and the Australian community for over 160 years. We believe we have a valuable role to play in our cust~mers ' lives, and in the broader community. How we are rf!Qulated General insurers within the meaning of the Insurance Act 1973, are subject to prudential supervision by the Australian Prudential Regulation Authority (APRA). They are authorised by APRA and must comply with APRA's prudential standards including: • CPS 220 - Risk Management • CPS s -10 - Governance • CPS 520 - Fit and Proper General insurers within fAG also hold an Australian FinanciaJ Services Ucenoe (AFSL). The Australian Securifies and Investments Commission (ASIC) regulates the conduct of the Australian entities in the IAG Group as corporations and in their provision of financial services. Level 26, 388 George Stteet, Sydney NSW 2000 Insurance Australia Group Umited ABN 60 090 739 923 RCD.0001.0015.0003 IAG general insurers in Australia have also agreed to be bound by the General Insurance Code of Practice. The Code requires those who adopt it to provide services to their customers in an open, fair and honest way. The Code's standards apply to many aspects of a customer's relationship with their insurer including when buying insurance and what to expect when making a claim, timeframes for making a claim decision and processes for making complaints. The Insurance Council of Australia (ICA) began a review of the Code in 2017 and this remains ongoing. Our approach to answering your questions The enclosed responses also include an explanation of the approach we have adopted and the assumptions we have made in answering your questions. By necessity our response involves matters of judgement, particularly in relation to applicable community standards and expectations. We would welcome the opportunity to discuss with you how we have approached these judgements and to elaborate on the issues we have identified in our response. Point of contact Please contact me for any further requests for information or for any point requiring clarification. Thank you for the opportunity to contribute to your Inquiry. Yours sincerely Chris Bertuch Group General Counsel & Company Secretary IAG Page 2 of2 RCD.0001.0015.0004 1ag• Insurance Australia Group Limited Response to Royal Commissioner's questions of 15 December 2017 1. Introduction 1.1 By letters dated 15 December 2017, Insurance Australia Limited (IAL) and CGU Insurance Limited (CGU) were invited to address a number of questions. 1.2 This response is provided by Insurance Australia Group Limited (IAGL), on behalf of IAL, CGU and the assoctated entitles listed in Annexure 1, including Insurance Manufacturers of Australia Pty Limited (IMA). IAGL is the parent entity of Insurance Australia Group (IAG), which compr,ises IAGL and its related bodies corporate (within the meaning of section 50 of the Corporations Act 2001 (Cth)). 1.3 By letter dated 15 December 2017, HBF Insurance f'>ty Ltd (HaF Insurance) was also invited to make an early written submission to the Commission addressing a number of questions. HBF Insurance was acquired by CGU in 2011 , and this response is also provided in answer to the invitation made to HBF Insurance in relation to the period from 2011 only. 2. Structure and content of this submission Our approach in preparing this response Page 1 Question 1: Identified instances of misconduct Page 3 Question 2: Identified instances of conduct considered to have fallen Page 4 below community standards and expectations Question 3: Further questions in relation to affirmative responses to Page 5 questions 1 and 2 Question 4~ RSE licensee specific questions relating to use of member Pa~e5 funds. Anhexure 1: List of entities on behalf of whom this submission is made Page8 Annexure 2: Identified instances of 'misconduct' (as defined) Page 12 Annexure 3; Non-compliance with the Code and privacy obligations Page 14 Annexure 4: Behaviour that may have fallen below community standards Page 28 and expectations Annexure 5: Glossary of terms Page 36 3. Out approach in preparing this response 3.1 Our objective is to be transparent about the approach we have adopted and the assumptions we have made in answering your questions. 3.2 This response is provided on behalf of IAL, CGU and their respective associated entities (within the meaning of section 50AAA of the Corporations Act 2001 (Cth)). A fisting of entities on behalf ofwhom this Response is made is contained in Annexure 1. 3.3 We have assumed that your inquiry is primarily, if not exclusively, concerned with the provision of financial services in Australi~ and for that reason we have limited our response to our business operations in Australia. COMMERCIAL IN CONFIDENCE RCD.0001.0015.0005 3.4 We have focused our inquiries on our supply of financial services (including the fulfilment of customer claims). We have not addressed in our response any issues which: (a) are not concerned with our supply of financial services; (b) may arise in our relationships with our service providers. 3.5 We have also not addressed any issues associated with the two businesses we own that act (or did act) as scheme agents under the statutory workers' compensation schemes in New South Wales and Victoria. These entities are appointed to act as service providers to operate the scheme on behalf of the relevant statutory authority. 3.6 During the last 10 years, the size and composition of IAG in Australia has changed through the acquisition or divestment of entities and through corporate restructuring. In some cases, we initially acquired a partial interest in an entity and subsequently acquired the remaining interest so that it became a wholly owned entity. For example, in July 2010 there was a 50 percent acquisition of AHi and from July 2015 it was wholly owned. Therefore, in producing our response we have relied on the records and documentation provided on acquisition of the relevant entity. The footnotes to Part A of Annexure 1, identify those entities that were acquired during the relevant period, and provide a short description of the interest acquired. 3.7 In July 2017, the Federal Court approved the transfer of the insurance and reinsurance businesses of seven of our Australian licensed insurers into Insurance Australia Limited. Those entities are identified in Part A of Annexure 1. The transfer occurred via a scheme under the Insurance Act and was effective on and from 1 August 2017. 3.8 The seven transferring insurers have ceased writing insurance business. In September 2017, APRA revoked the licence of each of the transferring insurers and in December 2017 ASIC cancelled the AFSLs of the relevant transferring insurers. 4. Document Review 4.1 To answer your questions we conducted a review of our relevant corporate records for the period commencing 1 January 2008 with the advice and assistance of external lawyers and other advisors. We believe that reasonably thorough and diligent inquiries have been undertaken in the time available; however, it is possible that some matters may not have been identified in this review for the reasons set out below. 4.2 Generally our approach has been to review aggregated collections of data in various registers and other higher level management reporting systems. For example, we reviewed extracts of the voluntary notifications, breach investigations and some correspondence with regulatory agencies, but not the full files held by the risk and legal functions of IAG in relation to each individual matter. 4.3 In the time available we have relied on the completeness and accuracy of those higher level records, rather than examining all of the source material which underpins them and testing whether those aggregate summaries or reports are accurate or comprehensive. 4.4 Within the available time, we have not been able to retrieve and review all relevant data and records from archives. This has resulted in some gaps and deficiencies in the historical corporate records relied upon for the purposes of our review. In that context, the following categories of document were not considered for this review: (a) many historical staff employment records due to limitations and delays with access to physical archives in the time available; (b) records prior to 2011 relating to complaints and investigations. In April 2011, our multiple legacy systems and databases that were used to record customer complaints were decommissioned and archived, and a new complaints system was introduced. We were unable in the time available to review the retrieved archive extracts of the previous complaint recording systems; (c) source documents relating to complaints and investigations since 2011 of matters listed in the database; and Page 2 COMMERCIAL IN CONFIDENCE RCD.0001.0015.0006 (d) full notes and entries in relation to customer complaints and internal dispute resolution (IDR) outcomes (whereas extracts from the relevant databases were considered).
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