Insurance Monitoring and Cravable Brands Investigation
Senate Economics Legislation Committee [Part 2], , 3:38:26 to 3:42:54
Status of the Cravable Brands investigation and the conclusion of the cyclone reinsurance pool monitoring.
Topics: Integrity
Senate Economics Legislation Committee [Part 2], , 3:38:26 to 3:42:54
Status of the Cravable Brands investigation and the conclusion of the cyclone reinsurance pool monitoring.
Topics: Integrity
Speakers: Senator Dean Smith, Lauren White, Gina Cass-Gottlieb, Senator Susan McDonald, Unknown Speaker, Interjection, Senator Lisa Darmanin
want to ask if you're doing anything further with insurance price monitoring particularly for the uh the northern um
particular uh inquiry has concluded >> uh and uh we produce the final report which did show uh some uh impact of the cyclone reinsurance pool in particularly in the higher risk areas that there were some material reductions >> some extension of availability >> though those benefits were much less in the medium uh areas and somewhat higher pricing in the lower risk areas.
>> All right. Um we'll we'll no doubt be calling you from that committee to um to get some expert analysis a little bit >> Thank you.
>> Thank you. I think Senator Smith you had a couple of questions
>> very briefly. Thanks very much for your attendance this evening and your uh this evening. The first is an update on the cravable brands matter. When we met at the last estimates I got the strong indication that we were close to a decision or announcement. uh there hasn't been one thus far and I was hoping you might be able to update me on the progress of that in investigation and when um uh when my constituents might get a an update from the AC.
>> Thank you, Senator. Uh we are very actively engaged in that investigation. We do consider there are serious matters that we do need uh to conclude the investigation in relation to. I know that that team is uh very uh focused on it. I will u pass to the head of our consumer and fair trading enforcement and compliance team, Lauren.
>> Thanks, Gina. Thank you, Senator. And I do apologize that I don't have more of a specific update for you other than to say that uh we are develop progressing as quickly as we can. We are hoping to um take the matter to our commissioners for a decision in the new year and uh that that is how we're progressing at this stage. Uh we've met with you separately and provided some information about the various complications of this matter and so my prediction of that timing is an estimate. Um but it is certainly our goal to move as quickly as we can and we're engaging with all parties involved uh in the matter and are very happy to speak further to uh to franchises.
>> So the uh extension of the uh time um before a decision goes to commissioners is a demonstration of the increasing complexity uh and serious not seriousness of the matter.
>> Correct. So it is very serious. it's and complex and it's very important that we get it right and ensure that any outcome we seek to achieve is long-lasting and impactful and so it's important that we we do that properly.
>> Now many of the senior directors employees um of cravable brands have now left those positions. How does how does the AC investigate and prosecute when uh those individuals are no longer in those positions?
>> Um it doesn't impact our ability to investigate fully and and also examine those individuals um to the extent that they can provide information to support the investigation.
>> Have Craable Brands cooperated with the investigation?
Uh yes. Yes.
>> Yes. They and they are continuing to cooperate.
>> Yes.
>> Right. And the decision that will be put before So the the matter that will be put before commissioners for a decision early in the new year, is that likely to slip further or you've got a higher level of confidence that the matter will get to a decision early next year? a greater level of confidence than we had at the last estimates because that has slipped.
>> I have a high level of confidence this