2.68 The committee recommends that the government release
its response to the final report of the Northern Australia Insurance Premiums
2.71 The committee recommends that the government conduct
a review into competition in the strata insurance market in North Queensland to
establish a fact base and explore avenues to improve insurer participation in
3.76 The committee recommends that the government
strengthen the transparency of general insurance pricing by amending the
product disclosure regime in the Corporations Act 2001 to require
- disclose the
previous year's premium on insurance renewal notices; and
premium increases when a request is received from a policyholder.
3.77 The committee recommends that the government initiate
a review of component pricing to establish a framework for amending the Corporations Act 2001 to provide component pricing of premiums
to policyholders upon them taking out or renewing an insurance policy, as well
as an assessment of the benefits and risks to making such a change.
3.78 The committee recommends that the government initiate
an independent review of the current standard cover regime with particular
regard to the efficacy of current disclosure requirements.
3.79 The committee recommends that the government work
closely with industry and consumer groups to develop and implement standardised
definitions of key terms for general insurance.
3.80 The committee recommends that the government undertake
a review of the utility of Key Facts Sheets as a means of product disclosure,
with particular regard to the:
of Key Facts Sheets in improving consumer understanding of home building
and contents policies; and
- merit of
extending the use of Key Facts Sheets to other forms of general insurance.
4.96 The committee recommends that the government complete
a detailed proposal for a comparison tool for home and car insurance,
consistent with the proposal made in the FSI Interim Report and similar to the
structure of the Irish model. The proposal should include a detailed evaluation
of the international evidence base of the costs and benefits of comparison
services on consumer outcomes, as well as the likely benefits in the Australian
4.98 The committee recommends that the Australian
Securities and Investments Commission undertake a comprehensive review of the
efficacy of the North Queensland home insurance website.
4.100 The committee recommends that the government consider
introducing legislation to mandate compliance with the ACCC's good practice
guidance for comparison website operators and suppliers.
5.14 The committee recommends that the government introduce
the legislative changes required to remove the exemption for general insurers
to unfair contract terms laws.
5.33 The committee recommends that the government strongly
consider introducing legislation to require all insurance intermediaries
disclose component pricing, including commissions payable to strata managers,
on strata insurance quotations.
5.34 The committee recommends that state and territory
governments strengthen disclosure requirements in relation to the payment of
commissions to strata managers.
5.48 The committee recommends that the Australian
Government reconsider its response to the Productivity Commission's inquiry on
National Disaster Funding Arrangements.
5.49 The committee recommends that, as a matter of urgency,
the Australian Government work with states and territories through the Council
of Australian Governments to reform national disaster funding arrangements.
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