CP 245 Retail life insurance advice reforms
Released 15 December 2015. Comments close 29 January 2016.
This consultation paper sets out ASIC’s proposals to implement the retail life insurance industry reforms by making a legislative instrument that will set out:
- the maximum levels of upfront and ongoing commission payments to be paid to advisers; and
- the amount of upfront commissions to be repaid to life insurers under ‘clawback’ arrangements.
This paper also sets out the information we propose to obtain from life insurance providers (life insurers) to enable us to monitor the impact of the reforms.
We are seeking feedback on our proposals from life insurers, Australian financial services (AFS) licensees and their representatives (including authorised representatives) who are authorised to provide life insurance advice, and consumers.