SYDNEY, June 5 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design, and disclosure and marketing materials.
The regulatorsfirst notified life companies in December 2022 and again in December 2023amid growing concerns that frequent, large and unexpected premium increases may not have been applied in accordance with policy terms and may not have met reasonable policyholder expectations.
This latest review ...