a definition of “unsolicited contact” that extends to all means of communicating with a consumer without their consent by way of a real time interaction in the nature of a discussion or conversation.application to all financial products including insurance (as defined in the Corporations Act 2001 (Cth)).The key points of the reforms to the hawking prohibition include: The hawking reforms will be implemented by Schedule 5 of the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth). The problem of underinsurance in Australia may be an even trickier one to solve. However, it remains to be seen whether the reforms strike the right balance between information, access and potentially poor sales practices. On this analysis, it is a fair reflection of the government’s intent. In our view, the proposed regulatory guidance largely reflects the proposals set out in the explanatory memorandum.
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See our separate update on the Deferred Sales Model. The hawking prohibition operates in parallel with the deferred sales model. The new hawking prohibitions will not only affect insurers, but also coverholders, underwriting agencies, brokers and other intermediaries. As many in the industry will know, new hawking prohibitions come into effect on 5 October 2021. On 21 July 2021, ASIC released Consultation Paper 346 and a draft updated Regulatory Guide 38 (RG 38) to reflect new legislative changes that strengthen the current hawking prohibitions. By Ray Giblett (AU), Timothy Chan (AU) and Caterina Presutti on JPosted in Australia, General, Insurance, Uncategorized
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