Tag: policy

4.2 — Removing the exemptions for funeral expenses policies

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The law should be amended to: remove the exclusion of funeral expenses policies from the definition of ‘financial product’; and put beyond doubt that the consumer protection provisions of the ASIC Act apply to funeral expenses policies. Government Response The Read More …

4.1 — No hawking of insurance

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Consistently with Recommendation 3.4, which prohibits the hawking of superannuation products, hawking of insurance products should be prohibited. Government Response The Government agrees, consistent with the Government response to Recommendation 3.4 (about the hawking of superannuation products), that hawking of Read More …

Group life policies

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Recommendation 4.13 – Universal terms review Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Recommendation 4.14 – Additional scrutiny for related Read More …

Specific steps in respect of particular products: Add-on insurance

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Recommendation 4.3 – Deferred sales model for add-on insurance A Treasury-led working group should develop an industry-wide deferred sales model for the sale of any add-on insurance products (except policies of comprehensive motor insurance). The model should be implemented as Read More …

Manner of sale and types of products sold: Hawking

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Recommendation 4.1 – No hawking of insurance Consistently with Recommendation 3.4, which prohibits the hawking of superannuation products, hawking of insurance products should be prohibited. Recommendation 4.2 – Removing the exemptions for funeral expenses policies The law should be amended Read More …