The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have issued a joint letter to life insurers and friendly societies (life companies) about life insurance industry practices in relation to premium increases.
The letter outlines ASIC and APRA’s observations from a joint review of life companies’ past practices, following concerns raised by ASIC and APRA in December 2022. The letter identifies regulatory expectations and areas for further industry focus in relation to future life insurance premium increases, disclosure and marketing materials, and product design.
ASIC is Australia’s corporate, markets and financial services regulator.