Insurance in super reg changes

Superannuation funds will have to ensure that members can “easily opt out” of insurance cover, under changes to the rules covering insurance in super. The Australian Prudential Regulation Authority has released proposed revisions to its standard covering insurance in superannuation…

Life industry changes tack on genetic testing

The life insurance industry has introduced a moratorium on the disclosure of genetic test results, with effect from 1 July. The Financial Services Council has introduced a new standard, which is mandatory for all members. Under the standard, consumers will…

Life company compliance not ‘robust’ enough

A review of the life insurance industry’s first year operating under the Life Insurance Code of Practice reveals that most companies have work to do on their compliance frameworks. The Life Code Compliance Committee’s inaugural annual compliance report “encourages subscribers…

Industry codes to have legally enforceable provisions

Assistant Treasurer Stuart Robert has made it clear that the government wants to see industry bodies in the financial services sector apply to have their codes of practice approved by the Australian Securities and Investments Commission. Speaking at the Financial…