Commonwealth and National Australia Bank are to internally review their life insurance units in the wake of the Commonwealth Bank of Australia 's life insurance scandal that has sent shockwaves through the industry . He said the bank's managing director of wealth Australia, Alexis George, met claims staff and its chief medical officer mid week "and was reassured we are holding ourselves to the high standards we expect". As we noted last week , the Australian Securities and Investments Commission ( ASIC ) has commenced a full - blown investigation into " very troubling and shocking stories " regarding denied claims and out - of - date policy definitions of the insurance arm of Commonwealth Bank , CommInsure .
Commonwealth and National Australia Bank are to internally review their life insurance units in the wake of the Commonwealth Bank of Australia 's life insurance scandal that has sent shockwaves through the industry . As we noted last week , the Australian Securities and Investments Commission ( ASIC ) has commenced a full - blown investigation into " very troubling and shocking stories " regarding denied claims and out - of - date policy definitions of the insurance arm of Commonwealth Bank , CommInsure .