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ASIC probing long wait for insurance payouts Few small businesses have lodged claims for business insurance they paid for and the way it has been handled by the sector is only part of the problem. Apr 19, 2021 – 12.00am Share Of the more than 330,000 small businesses eligible to lodge business interruption insurance claims, less than 1 per cent have done so, prompting the Australian Securities and Investments Commission (ASIC) to step in to boost the numbers and launch surveillance work to make sure there is no misconduct. It’s a high stakes game as the insurance industry grapples with billions of dollars in potential claims, the spectre of a string of class actions and a reputational backlash over its handling of the matter, which could take years in the courts to resolve. ....
“But no they haven’t, all they’ve done is put out an issues paper and called out for submissions. They haven’t produced any legislation or follow ups, nor have they come up with any set of universal terms and conditions. Nothing has happened. It’s now nearly been two years.” Berrill said the Government had not done anything as it was not a priority for them as Treasury had a lot on its plate and the COVID-19 pandemic had been a distraction. “But COVID-19 makes some of this stuff, such as consumer protection, really important and yet the response has been to sort of kick it down the road,” he said. ....