An insurer contravenes a civil penalty provision (5,000 penalty units as specified) if it fails to act with the utmost good faith towards the insured. Where an insurer fails the duty in handling or settling a claim or potential claim, ASIC may vary, suspend or cancel its Australian financial services licence or ban people as if it had breached a financial services law (s 14A). Claims handling and settling is itself a financial service requiring licensing under the Corporations Act.
This control maps to 1 controls across 1 other frameworks. If you already hold one of them, the evidence you collected for it is the starting point here rather than new work.
Every mapping shown was judged rather than inferred from wording similarity, and the ones that failed review are published too. See the coverage reports and what was rejected.
The graph holds this control, the 1 it maps to, and the evidence behind each claim, over MCP and REST.