CommInsure reveals independent panel members

In a statement, the insurer said it appointed Justin Malbon, who is a consumer representative on the Investments, Life Insurance and Superannuation panel for the Financial Ombudsman Service and a former member of the Superannuation Complaints Tribunal.

It also appointed Stan Goldstein, an associate professor in Public Health and Community Medicine at the University of NSW, as well as Chris McRae, who serves as a board member at the Financial Ombudsman Service and was previously the chief legal officer at AMP.

The Claims Review Panel was formed in response to the insurer's commitments to strengthen its decision-making processes and provide an additional layer of assurance for complex claim assessment, the statement said.

CommInsure also said the panel will be used whenever its claims committee recommends a complex life insurance claim to be declined, and will consist of at least of two of the independent panel members as well as CommInsure managing director Helen Troup.

"We remain absolutely focused on doing the right thing by our customers and the appointment of these independent experts further strengthens our decision-making processes for complex claims," Ms Troup said.

Other panel members will be appointed over coming weeks, and a sub-committee of the CommInsure board comprised of independent non-executive directors will monitor the outcomes of the panel, the statement said.

It further added that the CommInsure board has been working with ASIC in seeking to appoint a new independent expert to oversee a review program focused on past denied claims, with a decision expected to be finalised in the coming weeks.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].