The Australian Securities & investments Commission (or ASIC) suggests that it is committed to working constructively and pragmatically with general and life insurers for assisting Australians in recovering from the shock of COVID-19 outbreak.
- ASIC also suggested that insurers should be flexible in dealing with consumers’ specific circumstances while adopting to deal with some problems such as customers unable to pay premiums due to reduced income or other issues.
- The organisation also expects insurers to act in utmost good faith and would communicate proactively, clearly and accurately with their customer regarding their insurance coverage and other things.
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