ASIC is conducting a targeted consultation in response to a FSC request for life insurers to be exempt from the design and distribution obligations (DDO) in certain limited situations.
The FSC and members have pointed out concerns regarding the requirement to comply with the DDO regime when certain changes to an existing policy require the policy to be reissued.
The FSC takes the view that compliance with the design and distribution obligations in those circumstances can lead to poor consumer outcomes and add to the cost of compliance for life insurers.
We are working with members on a submission in response to the ASIC consultation paper and to provide views on the draft legislative instrument provided by ASIC.
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