POWERED BY MOMENTUM MEDIA
Life insurance self-regulation is enough
Further regulation for the life insurance industry is not necessary, the Financial Services Council (FSC) believes.
Speaking at the FSC’s Life Insurance Conference this morning, the council’s chief executive, Sally Loane, said the majority of consumer concerns had been addressed or were being progressed by the industry.
“The FSC strongly believes further regulation would be unnecessary. Self-regulation is an efficient way to bring about pro-consumer changes in the sector,” Loane said.
Loane said policymakers should be careful to balance the sustainability, accessibility, and affordability of life insurance so that consumers can continue to access the cover they need now and in the future.
“Self-regulation does work. It is more efficient, less costly and less time-consuming to reform from within than for the government to go through the lengthy consultation process of additional legislation,” she said.
Loane noted that the Government and Parliament needed to remove the barrier that prevented life insurers being able to offer targeted rehabilitation payments to facilitate recovery for sick or injured persons and a more speedy return to work.
“We need Government to act to help insurers bring older insurance portfolios in line with contemporary products. We are pleased the Government has indicated its interest in such a proposal which will help consumers enormously,” she said.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
