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The Royal Commission
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was established in December 2017 and began public hearings in March 2018. The final report was released on 4 February 2019.
More information about the Royal Commission is available on its website.
IAG's response to the Royal Commission
We welcome the Royal Commission’s final report. We support its recommendations, and we are working through them to understand how we can improve the way we help our customers and communities.
Our purpose – to make your world a safer place – guided our response to the Royal Commission. It has been an opportunity for us to listen, learn and continue to improve customer outcomes.
General insurance at the Royal Commission
The sixth round of the Royal Commission's public hearings, held from 10 - 21 September 2018, considered issues associated with the sale and design of life insurance and general insurance products, the handling of claims under life insurance and general insurance policies, and the administration of life insurance by superannuation trustees. The hearings also considered the appropriateness of the current regulatory regime for the insurance industry.
During these hearings, the Royal Commission considered case studies from four general insurance companies, including IAG.
Swann add on insurance
The Royal Commission examined add on insurance during the Round 6 hearings, including the sale of add on insurance through IAG’s Swann Insurance.
Swann Insurance no longer sells add on insurance. After a review of its add on insurance policies, it agreed to offer a full or partial refund of policy premiums where customers may have paid for more cover than they needed.
More information about Swann’s add on insurance refund program is available on its website.