The current Corporations Act 2001 (Cth) (Corporations Act) and Corporations Regulations 2001 (Cth) (Corporations Regulations) regime for life risk insurance conflicted remuneration is set to change. The reforms are designed to:

ASIC will conduct a further review in 2021 to consider whether the reforms have been successful.

The changes will be implemented through the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 (the Act) and Corporations Amendment (Life Insurance Remuneration Arrangements) Regulations 2017 (the Regulations), as well as the new ASIC Corporations (Life Insurance Commissions) Instrument 2017/510 (the Instrument) which ASIC made on 31 May 2017.

Those involved in life risk insurance sales need to re-examine their remuneration arrangements.

For a full summary of the issues, email us a request at [email protected]


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