Less than 12 months out from the Australian Securities and Investments Commission’s review of the Life Insurance Framework, the Australian life insurance industry has rarely known tougher times.
Every life/risk adviser knows that 2021 is a crucial year not only for their business but for the broader life insurance industry because that is when the Australian Securities and Investments Commission (ASIC) will review the Life Insurance Framework (LIF). But what has already become clear is that while the Federal Government scheduled the review of LIF back in 2017/18, much has changed including the factors which gave rise to the framework in the first place – specifically commission-based remuneration and so-called policy ‘churn’.
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