The regulator also highlighted the need for deeper organisational alignment, noting that robust internal systems and clearer procedures are essential for protecting policyholders.
The NFRA has released a draft regulation outlining rules for the asset management business of trust companies, including a proposal to let insurers sell trust asset management products.
Australia's Federal Court found that thousands of Cbus members faced lengthy delays in receiving death and disability benefits, with some claims remaining unresolved for over a year.
