Recommendation 1
3.113 The committee recommends that the Australian
Securities and Investments Commission undertake a thorough investigation of the
use of in-house rehabilitation services in the life insurance industry to
determine whether all the concerns, (including inappropriate financial
incentives) regarding the Financial Services Council's proposal have been
resolved for the current non-medical rehabilitation services.
Recommendation 2
3.115 The committee recommends that the life insurance
industry be required to disclose all of its discretionary, off-contract
arrangements to the Australian Securities and Investments Commission and that
these arrangements be examined.
Recommendation 3
3.148 The committee recommends that the government and
the life insurance industry implement the committee's recommendations from its
report on the life insurance industry.
Recommendation 4
3.182 The committee recommends that the government
conduct a holistic analysis of the sustainability of the life insurance
industry that considers all key elements of the issue, including the reasons
for the prudential issues and options for reform.
Recommendation 5
3.188 The committee recommends that the government not
proceed with the Financial Services Council's proposal.
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