APRA and ASIC release joint letter on premium increases in the life insurance industry
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a joint letter to CEOs of life insurers and friendly societies (life companies) about premium increases in the life insurance industry.
The letter outlines APRA and ASIC’s concerns following complaints from consumers and reportable situations related to premium increases, particularly in relation to level premium products. APRA and ASIC request life companies to review their past premium increases, and disclosure and marketing material.
The letter also outlines APRA and ASIC’s expectations on the design of future product offerings.
The letter is available on the APRA website at: Premium increases in the life insurance industry.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.