$100000 is small change to the big banks when they are making 100s of millions in profit off NZers, fines should be more of a deterrent and start at a million dollars
Insurance companies will just put up premiums to cover any fines.
$100,00 fine - CHICKEN FEED - when you look at the 100s millions that their questionable activities suck out of the average NZ family !!!
my house insurance premium is about to increase 24% yet the sum insured will only increase by 6% lol
the letter C for Could (but probably wont) as in could be fined, the letter A for Another self regulated group like The Law Society, Veterinary Council, Medical Council, Police association - more toothless and ineffective groups who have a vested interest in not doing anything against the people they protect
Christchurch earthequake claims STILL not settled.
A code of conduct is not a binding or legally enforceable act. It is voluntary and we have seen these work well in the past.The Insurance Council already has one, I know because I took a formal complaint to them after the Waiau earthquake only to find out that it is an organization run by insurance companies, not a totally independent body. Although my complaint was upheld there was no course of redress that could be followed. No LAW was broken, just a promise.Nobody should hold their breathe and expect anything to change.
The insurance industry is one big con. They definitely do NOT act in cutomers interest , instead there are whole floors of staff in their buildings dedicated to declining claims. Its a rort and this Governement should have a focus in this over other stuff they are currently on the witch hunt for.
Without strong legislation, as Australia has enacted, this is just window dressing.Weve seen the toothlessness of voluntary codes.
The banks probably make that amount of money in a single minute, theyre probably laughing all the way to the bank!
Too little, too late. Make it $10M and make it start from 3-9-10
Insurance companies should do their due diligence on a customers insurance policy before accepting a premium, after acceptance it becomes a binding contract.
Theres as much if a chance of that happening as there was of crusher collins crushing a car
What a huge joke! Not only is $100K chicken feed... but it wont be the companies who pay this fine, itll be their customers. In effect, clients of misbehaving companies will get hit *TWICE*.This is the type of lunacy that only bureaucrats could dream up.Why not put them on a three-strikes programme. If they get pinged three times, theyre wound up and the assets distributed to the customers -- directors and shareholders forgoing their entitlements.The prospect of THAT would smarten them up double-quick!
Is this like the $12 parking fine you get when you let your parking meter run dry, but it costs you $25 to park all day in a car parking building. (ie: its cheaper for them to pay the $100k fine so they can continue to make millions upon millions) Itd be lucky to be one insurance brokers salary for the year, a $100k.
The banks are those you need to be worried about. They would fail on all of the requirements
yes, same and Im with Tower, so time to shop around.
What a load or rubbish. 95% of all claims (life insurance, health, income protection etc) are paid. Most of the 5% that are not paid out are due to people blatantly not telling the truth, or they had not read their policy and were not covered for what they claimed for.
$100000 is small change to the big banks when they are making 100s of millions in profit off NZers, fines should be more of a deterrent and start at a million dollars
Insurance companies will just put up premiums to cover any fines.
$100,00 fine - CHICKEN FEED - when you look at the 100s millions that their questionable activities suck out of the average NZ family !!!
my house insurance premium is about to increase 24% yet the sum insured will only increase by 6% lol
the letter C for Could (but probably wont) as in could be fined, the letter A for Another self regulated group like The Law Society, Veterinary Council, Medical Council, Police association - more toothless and ineffective groups who have a vested interest in not doing anything against the people they protect
Christchurch earthequake claims STILL not settled.
A code of conduct is not a binding or legally enforceable act. It is voluntary and we have seen these work well in the past.The Insurance Council already has one, I know because I took a formal complaint to them after the Waiau earthquake only to find out that it is an organization run by insurance companies, not a totally independent body. Although my complaint was upheld there was no course of redress that could be followed. No LAW was broken, just a promise.Nobody should hold their breathe and expect anything to change.
The insurance industry is one big con. They definitely do NOT act in cutomers interest , instead there are whole floors of staff in their buildings dedicated to declining claims. Its a rort and this Governement should have a focus in this over other stuff they are currently on the witch hunt for.
Without strong legislation, as Australia has enacted, this is just window dressing.Weve seen the toothlessness of voluntary codes.
The banks probably make that amount of money in a single minute, theyre probably laughing all the way to the bank!
Too little, too late. Make it $10M and make it start from 3-9-10
Insurance companies should do their due diligence on a customers insurance policy before accepting a premium, after acceptance it becomes a binding contract.
Theres as much if a chance of that happening as there was of crusher collins crushing a car
What a huge joke! Not only is $100K chicken feed... but it wont be the companies who pay this fine, itll be their customers. In effect, clients of misbehaving companies will get hit *TWICE*.This is the type of lunacy that only bureaucrats could dream up.Why not put them on a three-strikes programme. If they get pinged three times, theyre wound up and the assets distributed to the customers -- directors and shareholders forgoing their entitlements.The prospect of THAT would smarten them up double-quick!
Is this like the $12 parking fine you get when you let your parking meter run dry, but it costs you $25 to park all day in a car parking building. (ie: its cheaper for them to pay the $100k fine so they can continue to make millions upon millions) Itd be lucky to be one insurance brokers salary for the year, a $100k.
The banks are those you need to be worried about. They would fail on all of the requirements
yes, same and Im with Tower, so time to shop around.
What a load or rubbish. 95% of all claims (life insurance, health, income protection etc) are paid. Most of the 5% that are not paid out are due to people blatantly not telling the truth, or they had not read their policy and were not covered for what they claimed for.