The Australian Securities and Investments Commission (ASIC) has concluded that while there was no evidence of "systemic misconduct," there are some "deficiencies" in Australian insurance brokers' disclosure of compensation and their management of conflicts of interest.
The Australian regulator noted that while its review of brokers, which covered both commercial and personal lines property/casualty firms, did not uncover any instances of bid-rigging, it did see "limited" evidence that suggested some steering of business may exist in the marketplace.
In its report issued on 30 June ASIC said it would contact individual companies to resolve any potential problems identified. The regulator did not disclose the names of companies that were involved in the examination. It examined the practices of 15 brokers, comprising of small, medium and large firms.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
