Regulation of the life insurance industry

History of insurance regulation
1. Federation and first regulatory framework in 1945
2. Changes in the 1960s and 1970s
  1. Mutual life offices
  2. Deposit administration policies
  3. General insurance
3. Changes in the late in1970s, and 1980s
4. Beyond 2000
Insurance industry legislation and regulation
1. Insurance Contracts Act 1984
  1. Utmost good faith
  2. Insurable interst
  3. The insured's duty of disclosure
  4. The effect of non-disclosure
  5. Policy cancellations
  6. Policy renewals
  7. Review of the Insurance Contracts Act 1984
2. Life Insurance Act 1995
3. Insurance Act 1973
4. Corporations Act 2001
  1. False or misleading statements
  2. Misleading or deceptive conduct
  3. Fraudulent inducements to deal
  4. Unconscionable conduct
  5. Duty of care
  6. Conflict of interest
  7. Disclosure
  8. Training
5. Other Legislation
  1. ASIC and APRA
  2. Income Tax Assessment Act 1997
  3. Anti-Money Laundering and Counter-Terrorism Financing Act 2006
  4. Electronic Transactions Act 1999
  5. Competition and Consumer Act 2010
  6. Privacy Obligations - Privacy Act 1998
    1. Transition from National to Australian Privacy Principles
    2. National Privacy Principles (effective prior to 2014)
    3. Australian Privacy Principles (effective from 2014)
  7. Disability Discrimination Act 1992
  8. Financial services reform regime
  9. Future of financial advice
    1. Best interests duty
    2. Scaled advice
    3. Fee disclosure statements
    4. Codes
    5. Conflicted remuneration
    6. Exemptions for insurance advice
  10. ASIC Report 413: Review of retail life insurance advice
  11. Taxation advice
Financial advice and the law
1. What are financial services?
2. What is financial product advice?
  1. Personal versus general advice versus factual information
    1. Warning required when general advice is given
    2. Further guidance by ASIC on general advice versus personal advice
    3. Factual information
3. Licensees, representatives and authorised representatives
  1. Responsibilities of licensees
  2. Representatives
  3. Authorised representatives
    1. Banning of representatives
    2. Training and competency requirements for licensees and representatives
Regulation of adviser conduct and disclosure
1. When giving personal advice
2. When giving general advice
3. Safe harbour in provision of advice
4. Providing appropriate advice
5. Advice record-keeping obligations
6. Failure to comply
Financial advice and the client
1. Stage 1 - Point of first contact with a client
2. Stage 2 - When personal advice is provided
  1. Client warnings
  2. General advice
  3. Statement of advice
  4. Disclosures of remuneration, commission and other benefits
    1. Exemptions to benefits disclosure
  5. Record of advice
3. Stage 3 - Implementation of product recommendations
  1. Product Disclosure Statement
Consumer protection
1. Regulatry bodies
  1. The Australian Competition and Consumer Commission (ACCC)
  2. The Australian Securities and Investments Commission (ASIC)
  3. The National Competition Council (NCC)
2. Hawking

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Regulation of the life insurance industry

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