Introduction To Insurance Australia
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Types of Insurance categorized in three parts in Australia
1.General Insurance 2.Health Insurance 3.Life Insurance
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General Insurance is basically divided into two parts:
1.Liability Insurance 2.Property Insurance Liability Insurance such as business insurance, compulsory third party insurance, public or professional liability insurance, etc. Property Insurance such as travel or home or motor vehicle insurance, etc. www.trueinsurance.com.au
The Australian government offers a basic health insurance policy which is known as “Medicare”. On the other hand private health insurance is limited to those services which is not covered by the “Medicare”. Private health insurance is also limited to those services which is provided in private hospitals. www.trueinsurance.com.au
Life Insurance policy sold by the insurance companies by two names, first one is known as term life insurance and second is disability income insurance.
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Regulations
General and Life Insurance regulated by the APRA (Australian Prudential Regulation Authority). Private Health Insurers are regulated by PHIAC (Private Health Insurance Administration Council). ASIC (Australian Securities and Investments Commission) regulates the matters relating to advice or disclosure of insurance products which are sold. The ACCC (Australian Competition Commission) regulates competition law.
and
Consumer
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Insurance Acts 1. Life Insurance Act 1995 (Life insurance prudential regulation) 2. Insurance Act 1973 (General insurance prudential regulation) 3. Health
Insurance
Act
2007
(Health
insurance
prudential regulation and consumer protection) 4. Insurance Contracts Act 1984 (Consumer protection in respect of insurance policies) 5. Corporation Act 2001 (Consumer protection in respect of insurance policies)
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Main Insurance Industry Bodies 1. ICA (Insurance Council of Australia) 2. Underwriting Agencies Council 3. Australian and New Zealand Institute of Insurance and Finance 4. Institute of Actuaries of Australia 5. ACORD (insurance industry global standards organization) www.trueinsurance.com.au
1300 878 346
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