Life Insurance products and genetic testing in Australia
The Moratorium on Genetic Tests in Life Insurance came into effect from 1 July 2019; there will be a temporary suspension on the use of genetic test results as part of an insurance application up to the value of $500,000.
Although not written into Australian law, the moratorium will be included in the Life Insurance Code of Practice, and as such the independent Life Code Compliance Committee will be able to sanction members who are not compliant.
Genetic discrimination by Australian insurance companies: a survey of consumer experiences
There is evidence of genetic discrimination by Australian insurance companies, both legal (permitted under current regulation) and illegal. The number of cases suggests a systemic problem with the Australian life insurance industry. Government oversight of the inherently conflicted model of industry self-regulation in Australia is required.
No comments:
Post a Comment