Regulation stifling life insurers: TAL
Australia's underinsurance problem could be allieved by giving life insurers the power to hand out ancillery benefits, like riders, TAL says.
In a submission to the Financial System Inquiry, the insurer said regulations around life insurance were holding the industry back.
It proposed relaxing regulations that currently prevent life insurers from providing the same anxillery benefits to consumers, such as medical treatments.
"While the FSI Interim Report noted that the Inquiry would investigate further Australia's life-underinsurance problem, what TAL is seeking are changes to help address underinsurance so that people can have the right amount of financial protection they need," TAL Group CEO Jim Minto said.
TAL's other proposals included higher educational standards for advisers and increased powers for the Australian Securities and Investments Commission over the classification of products.
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
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
