Bill
Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016
lapsed, as at 2016-04-17. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2016-02-11
- second reading — 2016-02-11
- second reading — 2016-03-03
- second reading — 2016-03-03
- committee — 2016-03-03
- third reading — 2016-03-03
- introduced — 2016-03-16
- second reading — 2016-03-16
- other — 2016-04-17
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2016-02-11.
This bill would change the rules on how life insurance advisers are paid to better protect consumers.
It would remove an exemption that allows conflicted payments for life risk products and let the corporate regulator set conditions for permitted commissions.
The changes would start on 1 July 2016 or the day after Royal Assent, whichever comes later.
- The bill removes the current exemption from the ban on conflicted remuneration for life risk insurance products.
- It introduces a prohibition on volume-based payments in life risk products.
- It allows ASIC to make a legislative instrument permitting certain benefits if requirements on commission amounts and clawback arrangements are met.
Life insurance companies, financial advisers, and consumers of life risk insurance products.
Sources
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