APRA and ASIC release an update on premium increases in the life insurance industry
The Australian Prudential Regulation Authority (APRA) and the
Australian Securities and Investments Commission (ASIC) have released
an update to life insurers and friendly societies (life companies) on
premium increases in the life insurance industry.
The joint
letter published today responds to life companies’ reviews of past
premium increases and disclosure and marketing materials, as requested
by APRA and ASIC in December 2022, and outlines APRA and ASIC's
observations and regulatory expectations regarding these increases,
disclosure and marketing materials, and product design.
The
letter to industry is available on the APRA website at: Premium
increases in life insurance.
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