Life Insurance Industry

27 March 2018

© Commonwealth of Australia 2018
ISBN 978-1-76010-750-5

View the report as a single document - (PDF 4MB)

View the report as separate downloadable parts:

Committee membership
(PDF 89KB)
Chair's Foreword
(PDF 31KB)
(PDF 84KB)
(PDF 66KB)
Chapter 1 - Introduction
(PDF 98KB)

Duties of the committee
Terms of reference
Conduct of the inquiry
Structure of this report
Notes on references

Chapter 2 - Background on the life insurance industry
(PDF 359KB)

Nature of the life insurance industry
Regulation of life insurance
Previous inquiries, reviews, reforms and events
Red tape reduction

Chapter 3 - Consumer protections
(PDF 341KB)

Australian Consumer Law
Life insurance consumer protections
Life insurance exemptions from consumer protections
Committee view

Chapter 4 - Codes of practice
(PDF 188KB)

Financial services codes of practice
Life insurance codes of practice
Evidence received on life insurance codes of practice
Committee view

Chapter 5 - Remuneration, commissions, payments and fees
(PDF 551KB)

Remuneration, commissions, payments and fees in the life insurance industry
Shelf space fees and training fees
Committee view

Chapter 6 - Retail life insurance and approved product lists
(PDF 196KB)

The nature of APLs
Arguments supporting the use of APLs
Arguments for widening or banning APLs
Committee view

Chapter 7 - Group life insurance
(PDF 166KB)

Opt-out versus opt-in requirements
Inadequate member awareness of cover
Duplicate group life insurance accounts
Committee view

Chapter 8 - Access to medical information
(PDF 245KB)

Privacy framework
Authorisation to access medical information
Arguments for a broad authority to access medical information
Arguments against a broad authority to access medical information
Committee view

Chapter 9 - Genetic information
(PDF 501KB)

Genetic information and the life insurance industry in international jurisdictions
Genetic information and the life insurance industry in Australia
Arguments for reform
Committee view

Chapter 10 - Claims handling
(PDF 455KB)

Oversight of claims handling practices
A policyholder's right to reasons where a claim has been denied
Inconsistency in claims handling data
Definitions in insurance policies
Mental health claims
Independent medical examiners
Underwriting direct insurance
Legacy products
Early intervention—rehabilitation payments

APPENDIX 1 -Submissions and additional information received
(PDF 93KB)
APPENDIX 2 - Public hearings and witnesses
(PDF 24KB)

Committee Secretariat contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719