Experienced financial services leader appointed in critical Life Code role
The Council of Australian Life Insurers (CALI) has appointed a well-respected financial services leader as the new Industry Representative of the Life Code Compliance Committee (LCCC). Paul Reid brings almost 50 years’ experience to the role, having worked at KPMG for nearly four decades including as a partner for 25 years. Paul was also a […]
Consultation on the draft amendment instrument and the key function descriptions for insurance and superannuation entities, Financial Accountability Regime
There are some key functions on the proposed Insurance Key Functions List (the list) that are more appropriate for Authorised Deposit-Taking Institutions (ADIs), and therefore might require amending and/or removing to better reflect the life insurance industry. CALI believes that having an Insurance Key Functions List that more closely reflects core business areas of life […]
Improving Consumer Experiences, Choice, and Outcomes in Australia’s Retirement System
As Australians live longer, they are spending more time in retirement. With five million people currently in retirement or preparing to retire, it is clear there is a significant demographic change and longevity risk facing the nation. Australia’s life insurers stand ready to help. The Council of Australian Life Insurers continues to advocate for more […]
Retirement phase of superannuation
Life insurance provides a safety net for Australians when they are unable to participate fully in an active working life due to illness, injury or death. Life insurance and superannuation work hand in hand to protect accumulated superannuation savings and provide financial security during retirement. The majority of lives insured are insured through superannuation. It […]
Australia’s life insurers support ban on industry use of genetic test results
The Council of Australian Life Insurers (CALI) supports a ban on the use of genetic test results in insurance underwriting to help empower Australians to better manage their health. “With genetic testing becoming more prevalent in the community, now is the time for Federal Government regulation to ensure that no Australian is deterred from taking […]
Use of genetic testing results in life insurance underwriting
Life insurers help millions of Australians to live in a healthy, confident and secure way. Our members want to support their customers to proactively manage their health and reduce potential health risks. We recognise that genetic testing plays an important role in empowering people to do this in a preventative and personalised way. This is […]
Draft CPG 230: Operations Risk Management
This submission highlights a number of sections of CPG 230 which would benefit from additional clarification by the Australian Prudential Regulatory Authority (APRA) to make the intent of the guidance clearer. These include clarification on a number of definitions, including material service providers, transition arrangements, potential issues with legally binding contracts, and requests for a […]
Treasury Laws Amendments (2023 Law Improvement Package No.1) Bill 2023 [Provisions]
Department/Organisation: Senate Economics Committee CALI supports the work of the ALRC in improving the operation of financial services law in Australia. The proposed legislative amendments relating to moving insurance regulations into the Corporations Act 2001 will provide certainty that existing regulations will be maintained and operate in the long term rather than risk expiration over […]
Review of sunsetting insurance regulations
Department/Organisation: Treasury CALI supports the remaking of a number of insurance regulations due to expire by October 2023 to provide certainty to the life insurance industry over the continued unaltered operation of these regulations.