Revised life insurance remuneration reform regulations

The Government has released revised draft regulations to support the Government’s life insurance reform package.

The regulations, combined with the legislation currently before the Parliament, will implement the reform package and are intended to address a number of issues raised during consultation on the legislation and the earlier draft regulations, including by:

• explicitly ensuring that the reforms apply to the direct sale of life risk insurance products; and
• removing those existing grandfathering and transitional provisions that are no longer required due to the revised reform commencement date of 1 January 2018 (including the provisions explicitly grandfathering adviser remuneration arrangements and providing a 12 month period during which stamp duties could be included in the calculation of commissions).