Life Insurance Australia

Australian Life Insurance Quotes and Resources

Life Insurance Australia :: News

Share this news item!

Suncorp's AAMI and GIO fined for breaches of internal review timeframes

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The New South Wales State Insurance Regulatory Authority (SIRA) has recently imposed a fine of $100,000 on Suncorp's compulsory third party (CTP) brands AAMI and GIO for failing to meet their internal review timeline obligations.

This marks the first time that a civil penalty has been imposed on CTP insurers under the Motor Accident Injuries Act.

According to SIRA, the fines stem from breaches of AAMI and GIO's internal review timeframes between April 1, 2018 and August 31, 2020. The regulator began investigations in response to complaints about delays that customers were experiencing when seeking internal reviews. Despite issuing letters of censure to AAMI and GIO, SIRA found further breaches during their monthly performance monitoring of internal reviews in September 2020.

As a result, SIRA launched a further investigation into the ongoing issues between April 2018 and August 2020, identifying breaches and contraventions of the Act, the Motor Accident Guidelines, and their license conditions. Show cause notices were issued to the insurers in May 2022, leading to the decision to impose a civil penalty of $50,000 each for AAMI and GIO. The Act provides for fines of up to $110,000.

In determining the appropriate penalty, SIRA took into consideration the experience of customers, the acknowledgement by AAI Limited of their conduct, the significant efforts made to address the backlog of internal reviews and communicate options to customers, and the development and implementation of a remediation plan. The regulator has stated that they will continue to closely monitor the performance and compliance of the insurers.

This news serves as a reminder of the importance of timely and efficient internal reviews for insurers, as well as the need for compliance with regulatory guidelines. Suncorp's CTP brands, AAMI and GIO, will have to pay close attention to their internal processes in the future to avoid similar penalties.

Published:Friday, 27th Jan 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Australian Insurers Under Fire for Steep Premium Increases

30 Jan 2026: Paige Estritori

In recent times, Australian insurance companies have come under intense scrutiny due to substantial increases in premiums, even as they report record profits. This trend has raised concerns among consumers and policymakers alike, prompting calls for enhanced transparency and competition within the industry. - read more

Rising Insurance Costs in Northern Australia Despite Reinsurance Efforts

30 Jan 2026: Paige Estritori

Homeowners in Northern Australia are confronting significant increases in insurance premiums, even after the implementation of the federal government's cyclone reinsurance pool aimed at reducing costs in cyclone-prone regions. This development raises questions about the effectiveness of current measures and the ongoing challenges in making insurance affordable for residents in high-risk areas. - read more

Lack of Transparency in Insurance Premium Increases Concerns Consumers

30 Jan 2026: Paige Estritori

Australian consumers are increasingly facing substantial hikes in their insurance premiums, often with little to no explanation from their providers. This lack of transparency has led to growing frustration and calls for greater accountability within the insurance industry. - read more

AIA Australia's New Partnerships to Encourage Cycling Among Members

30 Jan 2026: Paige Estritori

AIA Australia, a prominent life, health, and wellbeing insurer, has announced strategic partnerships with global fitness company Peloton and premium cycling brand Specialized. These collaborations aim to motivate AIA Vitality members to adopt more active lifestyles by providing significant discounts on cycling equipment. - read more

Bupa's Strategic Expansion into Mental Health Services

29 Jan 2026: Paige Estritori

Bupa, a leading health insurer in Australia, has unveiled plans to significantly enhance mental health services by establishing a network of clinics named Mindplace. This initiative aims to open 60 clinics nationwide by 2027, aligning closely with the government's objective of operating 61 walk-in Medicare Mental Health Centres by mid-2026. - read more

Click for more Insurance News

Need a Bigger Boat?

We provide direct access to the best Boat Loan rates and options in Australia through our national panel of specialist marine finance brokers. Simply complete our quick & easy Boat Loan quote enquiry form to see if you qualify - and to gain access to the best Boat Loan offers from our broker panel.

... get a boat loan quotes ...

Life Insurance Articles

Life After You: Planning Ahead With Quality Life Insurance for Your Family

Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more

Life Insurance Comparison: Key Questions to Ask Your Insurer

Life insurance is a crucial consideration for middle-aged to older Australians. It provides financial security for your loved ones in the unfortunate event of your death. Understanding the various options available is vital to making an informed decision. - read more

Common Mistakes to Avoid When Comparing Life Insurance Policies

Choosing the right life insurance policy is one of the most important decisions for Australians, especially for those who are middle-aged or older. Life insurance provides financial security for your loved ones in the event of your passing, ensuring that they are not burdened with financial hardships. - read more

The Impact of Parenthood on Your Life Insurance Choices

Life insurance, a contract between an insurer and a policyholder, is designed to provide financial protection to loved ones in the event of the policyholder's death. For parents, this protection takes on a new level of significance. The birth of a child heralds a profound shift in priorities, with a focus on safeguarding the future of one's family. Hence, understanding life insurance options becomes a crucial aspect of responsible parenting. - read more

Life Insurance and Estate Planning: What You Need to Know

Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

Knowledgebase

Whole Life Insurance:
A type of life insurance that provides coverage for the insured's entire lifetime, with a savings component that builds cash value.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.