CBA's life insurance unit fined $700k for hawking offences

CBA | November 28, 2019

The Commonwealth Bank of Australia’s life insurance unit, CommInsure, has been fined $700,000 after pleading guilty to 87 charges of “hawking,” or unlawful selling of insurance products in unsolicited telephone calls. The conviction takes into account CommInsure’s early guilty plea to the hawking charges, which carried a maximum total penalty of $1,848,750. It was the first criminal conviction against a major bank since the financial services royal commission. Corporate regulator ASIC said CommInsure used Aegon Insights to unlawfully sell life insurance policies over the phone between October and December 2014. The contact details used to make the unsolicited phone calls were provided by CommInsure from CBA’s existing customer database.

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All hospital cover will be classified into four tiers. Benefits may be offered if you travel long distances for hospital treatment. Improved access to mental health treatment in hospital. Better cover for women’s health services. Insurers can now offer discounts for under 30s.


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CORE INSURANCE

CITIZENS NATIONAL ANNOUNCES LAUNCH OF CRITICAL ILLNESS PRODUCT

Citizens National Life Insurance Company | January 24, 2022

Citizens National Life Insurance Company ("Citizens National"), a subsidiary of Citizens, Inc. (NYSE: CIA) announces the launch of its new Critical Illness Coverage product. This will be Citizens National's third product launched in the past 12 months. The company is focused on developing products that provide value and benefits for their policyholders. Citizens National new Critical Illness Coverage product pays benefits directly to the policyholder to assist with added expenses in the event of a qualifying critical illness. The Critical Illness Coverage is unique in that a policyholder with a qualifying illness is directly paid benefits and decides where to spend the money – its uses are flexible and can be used for anything from medical deductibles to everyday expenses such as rent, food or childcare. "We are excited to be launching our third product just months after our Whole Life product Longevity Max. Critical Illness is an exceptional product designed to give policyholders coverage where they need it and help supplement their Health insurance to give them protection if they were to have a critical illness. One of the best features is it gives the policyholder the power to decide where to spend it. We are proud to continue to develop products that can help our policyholders." -Bob Mauldin, President and Chief Marketing Officer of Citizens National Citizens National offers an exclusive, customized service with its understanding of the Spanish and Portuguese languages and the Hispanic culture so customers can be confident in making the most informed decisions. The entire customer and agent experience is provided in a choice of Spanish, Portuguese and English languages. Our broad trajectory and experience in the life insurance market in Latin American, along with our excellent digital and customized service, make Citizens National a top option. About Citizens National Life Insurance Company Citizens National Life Insurance Company is a member of the Citizens, Inc. group of life insurance Companies. Citizens National was incorporated in the State of Texas on June 2, 1965 and began transacting business in 1966. CNLIC is licensed in 9 states. The company gains additional financial stability through the long trajectory and strength of its holding company, Citizens, Inc., which adds value to each of our policies by providing state-of-the-art technology systems, strong investment strategies and streamlined operational leadership. About Citizens, Inc. Citizens, Inc. is an insurance holding company listed on the New York Stock Exchange under the symbol CIA. The Company utilizes a three-pronged strategy for growth based upon worldwide sales of U.S. Dollar-denominated whole life cash value insurance policies, life insurance product sales in the U.S. and final expense and limited liability property product sales in the U.S.

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INSURANCE TECHNOLOGY

HUB INTERNATIONAL EXPANDS EMPLOYEE BENEFITS SOLUTIONS WITH ACQUISITION OF EVO INSURANCE SERVICES, INC. IN CALIFORNIA

Hub International Limited | April 13, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of EVO Insurance Services, Inc. (EVO Insurance Services). Terms of the transaction were not disclosed. Headquartered in Chico, California, EVO Insurance Services is a privately held insurance agency specializing in employee benefits programs. EVO works with companies of all sizes to establish customized benefits programs that allow clients to attract and retain the top employees. Shawn Blofsky, President & Founder of EVO Insurance Services, and the EVO Insurance Services team will join Hub Central & Northern California (HUB CNC) and report into the Sacramento region. We are excited to have Shawn and his team join us, We have a clear line of sight on how we can grow our client base together." Darren Caesar, President of HUB CNC. EVO Insurance Services supports clients through various resources, knowledge and expertise. They are known for their creativity in building benefits programs to maximize value for clients. The move to Hub builds on this strategy and provides EVO Insurance Services clients access to Hub's vast resources and in- house expertise. In addition, EVO Insurance Services will be able to broaden their offering to clients with property and casualty insurance, retirement and private wealth services, and a variety of individual, personal lines, and high net worth coverage options. As the 7th largest employee benefits broker in North America, Hub's employee benefits team supports clients with tailored solutions in cost management, employee engagement, HR technology, compliance consulting, health & performance, and client advocacy. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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CORE INSURANCE

Brightway Insurance is the only insurance agency franchisor named to a listing of the smartest-growing franchises in the country by Franchise Times

Brightway Insurance | January 25, 2022

Brightway Insurance, a national insurance agency franchisor, is the only insurance franchisor and one of only 40 brands Franchise Times recognized on its eighth annual Fast and Serious list of the smartest-growing franchises in the U.S. Brightway ranks No. 23 on the list. The list is derived using a proprietary 10-point formula that includes financial results over the past three years. Click here to review Brightway's profile on Franchise Times' website. "The financial results that put us on this list are the result of the investments we make in empowering our franchisees to reach their potential. They chose Brightway because of the set of tools they can leverage to help people in their communities while building their own business for themselves and their families," - Mark Cantin, Brightway's President and CEO. Brightway's customer service, back-office support and wide variety of carrier partners enable Brightway Agents to ensure their customers are properly covered and cared for while they build their businesses. In traditional agencies, countless hours are spent servicing existing customers' needs. Brightway handles that work on behalf of its agents, empowering them to focus on new policy sales while building a residual income stream that pays every time policies renew. This results in unlimited earning potential in a recession- and pandemic-proof industry. Regardless of background, Brightway's team of experts can help anyone be successful in insurance. In fact, half of Brightway's largest Agencies are owned by people with no insurance background; their average agency book size is $18.3 million. About Brightway Insurance Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S. Brightway's focus is on building unparalleled tools that empower its franchisees to help people in their communities understand and value insurance while reaching their potential in business. Brightway got its start in 2008 and has since grown to 1,200 people in 316 offices across 29 states serving customers in all 50 states.

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INSURANCE TECHNOLOGY

High Street Insurance Partners Successfully Acquires Gemini Risk Partners

High Street Insurance Partners | March 30, 2022

High Street Insurance Partners ("HSIP") announced today that it has acquired Michigan based Gemini Risk Partners. Gemini Risk Partners was founded by attorneys David Kramer and Theodore Nittis to service the insurance needs of law firms. The agency specializes in providing professional liability coverage and other comprehensive insurance solutions exclusively to law firms. Law firms are turning to Gemini Risk Partners expertise to give them the peace of mind they need to effectively practice law and not worry about professional liability coverage. This partnership continues to build out our specialty expertise in key verticals for our clients." Scott Wick, CEO of HSIP. We are excited to join HSIP, together with our client focused philosophies we will be able to provide sophisticated insurance solutions to manage specific and unique risks faced by all our law firm clients." David Kramer, Principal of Gemini Risk Partners. HSIP, one of the fastest growing insurance brokerages in North America, has now completed 109 transactions since forming the company in mid-2018. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,800 insurance specialists & consultants in offices based in Colorado, Connecticut, Florida, Illinois, Iowa, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas & Virginia.

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All hospital cover will be classified into four tiers. Benefits may be offered if you travel long distances for hospital treatment. Improved access to mental health treatment in hospital. Better cover for women’s health services. Insurers can now offer discounts for under 30s.

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