Currently, the Disability Discrimination Act provides an exemption for life insurers to use genomic or genetic test results when underwriting life insurance contracts. Since 2019, an industry-regulated partial-moratorium has been in place that prohibits the use of these tests below certain financial limits.
Read More Consultation Opens on Use of Genetic Testing in Life Insurance
The government encourages all interested parties to make a submission in response to the consultation paper, which can be found on the Treasury website.
The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.
Read More Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’
The Life Insurance Code Compliance Committee (Life CCC) prioritised supporting a smooth transition to the new Code of Practice in 2022-23, according to its Annual Report.
The Annual Report 2022-23, published today, noted how the work of the Life CCC helped life insurers to proceed with clarity in aligning systems, processes and practices to new obligations in the Code.
The new obligations and additional consumer protections came into effect on 1 July 2023.
Read More Life Insurance Code Compliance Committee Releases First Annual Report Under the New Code of Practice
Research conducted by CHOICE in 2022 found many Australians aren’t aware of what insurance they have through their super. Only 54% of respondents knew how much they paid for insurance, and just 51% knew what situations their super insurance covered.
Read More Calls for Independent Inquiry into Super Insurance Gaps
From an FSC media release (02/06/2023): The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers. FSC, CEO, Blake Briggs said: “This significant milestone…
Read More FSC to Rollout Changes to Life Insurance Code
Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code). The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…
Read More Life CCC welcomes additional consumer protections
ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…
Read More ASIC review finds room for improvement remains with life insurance claims handling
The Life Code Compliance Committee (the LCCC), the independent body that administers and enforces the Life Insurance Code of Practice, has released its Own Motion Inquiry report on subscribers’ compliance with the obligation for subscribers to provide customers with an annual notice in writing each year. The annual notice serves to remind customers of their…
Read More Life Code Compliance Committee publishes Own Motion Inquiry report
The Australian Securities and Investments Commission (ASIC) should immediately investigate how life insurers treat people with past or current mental health conditions, in response to continuing widespread discrimination by life insurers. This is a media release from the Public Interest Advocacy Centre. It was originally published on 8th November, 2021. This is a key recommendation of Mental Health Discrimination…
Read More Mental health discrimination by insurers: new report calls for urgent ASIC investigation
The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation. It will apply to all default group life insurance in superannuation amongst FSC members. This is a media release from the Financial Services…
Read More FSC to ban occupational exclusions in default group life insurance in superannuation
Productive and successful year for life insurance compliance body The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in the Life Insurance Code of Practice (the Code) – today released its Annual Report for 2020–21. This is a media release from the Life Code Compliance…
Read More Life CCC publishes its Annual Report for the 2020-21 financial year