If a person has been injured to the point they can no longer work and obtain an income, they are able to access their Total and Permanent Disability insurance (TPD). With the help of a lawyer experienced in TPD claims, an individual can assess their options and make the right decision for them.
However, the Australian Securities and Investments Commission (ASIC) is investigating CommInsure over alleged delays in its claims process.
Allegations of avoiding payouts laid at CommInsure
The ASIC is investigating the insurance arm of the Commonwealth Bank and will examine the allegations that CommInsure has been denying legitimate claims from sick and dying individuals.
In a recent Fairfax-ABC investigation, reporters discovered that customer’s claims were being rejected on the basis of outdated and obsolete criteria. When asked to disclose the criteria, some elements were unobtainable.
Assistant Treasurer Kelly O’Dwyer said that the allegations are shocking and need to be investigated immediately.
“ASIC has advised the government they are looking into the cases that have been raised and we have asked ASIC for an urgent report to look at whether the practices that have been raised in the story overnight are more systemic than simply just related to CommInsure,” she said.
While some think the actions of the insurer are an isolated case, the government is not taking any risks. It will also introduce a senate inquiry as well as the investigation by the ASIC.
ASIC promises strong Commonwealth Bank investigation
Speaking at a Joint Committee on Corporations and Financial Services in Canberra back in March, Peter Kell, deputy chair of ASIC, said the investigation will be wide-ranging, focussing on the industry as well as the bank. Specifically, he said the ASIC will be reviewing relevant client files.
“That’s something that is a priority for us,” he said. “It’s early days. It’s probably not helpful to go into a lot more detail at this stage, but it will be a very thorough investigation and we will be happy to keep the committee updated,” he said.
The case is a clear example of where you need a compensation lawyer reviewing your TPD claims. With their expertise, you can be assured your claim is taken to its fullest extent.
At Gerard Malouf and Partners, we have close ties with medical professionals who can ensure your condition is fully understood and reported. If you would like to know more about our services, contact an expert today.