Cyber Insurance Online
Australia's leading Online Cyber Insurance resource
The financial sector is poised for the release of the second tranche of the Delivering Better Financial Outcomes (DBFO) legislation. On 10-11 February, the sold-out Professional Planner Advice Policy Summit will convene at Old Parliament House in Canberra, ACT, focusing on how essential reforms can broaden access to financial and life insurance advice.
During the summit, Cupitt will speak at the 'Reviving Life Insurance Advice Ecosystem' session to highlight the potential of onboarding a new class of adviser. This initiative aims to make life insurance advice more accessible, with the hope that legislative action will precede the forthcoming federal election.
Cupitt emphasizes the necessity for the government to expedite the legislative process. “Millions of Australians and their families are waiting in line for that affordable advice, and delays to the legislation mean that people are going to be waiting longer and not having access to the advice they need to build their financial safety nets,” she insisted to Professional Planner.
The urgency is amplified by the recent resignation of Minister for Financial Services, Stephen Jones, with no replacement yet announced. This development occurs as Labor signals its dedication to pushing forward advice reforms.
The forthcoming DBFO reform is especially critical in establishing the new advisory class. Cupitt asserts that, “Life insurance stands ready to implement the new class of adviser, but it can’t happen overnight.”
She further explains that developing and authorizing new educational courses for incoming advisers is a step-by-step process that requires time. These courses aim to equip advisers with the necessary training for effective service delivery, and also to set a foundation for their journey towards becoming fully qualified advisers.
Cupitt envisions these preparatory programs as initial steps towards more extensive adviser qualifications. “We want to make sure that the settings are right to encourage people to work for life insurance and provide that more simple advice, but also see that as a pathway for people to go away and get qualified to become a more comprehensive, fully qualified adviser,” she explained.
The summit discussions will additionally address potential improvements to the Life Insurance Framework, although the Council of Australian Life Insurers remains supportive of its current structure. This framework, which regulates commissions at 60 percent upfront and 20 percent ongoing, has drawn backing from Cupitt. She stated, “We have been very clear that we support commissions in relation to life insurance advice, and we support the Life Insurance Framework in its current form.”
If the government initiates consultations regarding changes to the framework, Cupitt assured, “We would participate in that consultation.”
This article references content originally reported by Professional Planner.
Published:Tuesday, 4th Feb 2025
Source: Paige Estritori
| Business Relief as Insurance Rates Decline Worldwide 11 Feb 2025: Paige Estritori In a new development that could signal relief for global businesses, the latest data from Marsh's commercial price monitor indicates a broad decline in insurance rates during the last quarter of 2025. This trend is especially marked in the Australia-Pacific region, which experienced an 8% reduction, making it the standout market globally. - read more |
| Perth Construction Firm Penalised for Insurance Lapse 11 Feb 2025: Paige Estritori A construction company in Perth has been penalised for initiating building works without securing the legally-required home indemnity insurance, resulting in a $3500 fine and an additional $736 in costs. - read more |
| Stringent Conditions Imposed on Workers' Compensation Self-Insurer 11 Feb 2025: Paige Estritori A major property company in New South Wales has come under intense scrutiny following a recent evaluation of its workers' compensation system. The State Insurance Regulatory Authority (SIRA) found several compliance and claims management discrepancies in the self-insurance operations of ISS Property Services. - read more |
| Queensland's Persistent Flood Woes: A Call for Resilient Rebuilding 05 Feb 2025: Paige Estritori The recent floods in northern Queensland have left a significant mark, with the Insurance Council of Australia reporting 1,435 insurance claims following the heavy rains. As the weather slowly begins to clear, residents of Townsville have started returning home, heaving a sigh of relief as the city narrowly avoided severe flooding. - read more |
| ACCC Scrutinizes Major Motor Insurance Mergers 05 Feb 2025: Paige Estritori The Australian Competition and Consumer Commission (ACCC) has opened a detailed examination into significant mergers in the motor insurance market. The acquisitions under review include Insurance Australia Group's (IAG) endeavor to acquire RACQ Insurance and Allianz Australia's agreement to purchase RAA Insurance. - read more |
| Assessing Your Data Vulnerabilities: A Checklist for Australian Businesses In today's rapidly evolving cyber landscape, Australian businesses must prioritize data security more than ever before. As companies continue to digitize operations and store sensitive data electronically, the need for robust cybersecurity measures has become paramount. This introduction lays the foundation for understanding the criticality of protecting your company's most valuable asset—its data. - read more
|
| Strengthen Your Defences: Implementing Effective Cybersecurity Protocols In today's digital age, understanding the cyber threat landscape in Australia is not just important—it's essential. Cyber attacks are becoming more sophisticated and are affecting businesses and individuals at an alarming rate. Common types of cyber attacks include phishing, ransomware, and data breaches, each with the potential to cause significant harm. The impact of cybersecurity breaches on both the economy and the reputation of affected entities is profound, ranging from financial loss to long-lasting reputational damage. - read more
|
| Cyber Insurance Claims: What Small Business Owners Need to Know Cybersecurity incidents are a growing concern for small businesses. These incidents can have disastrous consequences on the affected businesses and their customers. Cyber insurance policies provide a form of financial protection for small businesses in the event of a cyber-attack. This article will provide an overview of cyber insurance claims and its importance for small business owners. - read more
|
| Best Practices for Securing Your Small Business in the Digital Age Cybersecurity refers to the measures and practices put in place to protect digital information and systems from attacks, unauthorized access, damage, and disruption. - read more
|
| From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies In today's digital landscape, Australian small businesses face a myriad of cyber risks that can threaten their operations and financial stability. From sophisticated phishing scams to debilitating hacking attacks, the need to safeguard against such digital threats has never been more pressing. This introductory guide serves to illuminate the complexities of the cyber risk environment within Australia, focusing on the small business sector's unique vulnerabilities. - read more
|
|
Case Studies: The True Impact of Cyber Attacks on Australian Small Businesses As we delve into the digital era, the number of cyber threats that challenge Australian small businesses is significantly on the rise. Cyber attacks have become more sophisticated, frequent, and continue to disrupt the operations of small enterprises, often with devastating consequences. The need to fortify defenses against such threats has never been more paramount. - read more
|
|
Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These cyber attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. - read more
|
|
The Essential Guide to Cyber Insurance for Australian Small Businesses In the digital age, Australian small businesses find themselves navigating a world where online presence isn't just an advantage, it’s a necessity. With this increased online activity comes heightened vulnerability to cyber threats, making the protection of digital assets an urgent priority. - read more
|
|
|
From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies In today's digital landscape, Australian small businesses face a myriad of cyber risks that can threaten their operations and financial stability. From sophisticated phishing scams to debilitating hacking attacks, the need to safeguard against such digital threats has never been more pressing. This introductory guide serves to illuminate the complexities of the cyber risk environment within Australia, focusing on the small business sector's unique vulnerabilities. - read more
|
|
|
Cyber Insurance Claims: What Small Business Owners Need to Know Cybersecurity incidents are a growing concern for small businesses. These incidents can have disastrous consequences on the affected businesses and their customers. Cyber insurance policies provide a form of financial protection for small businesses in the event of a cyber-attack. This article will provide an overview of cyber insurance claims and its importance for small business owners. - read more
|