LICG asks government to reconsider LIF

The Life Insurance Customer Group (LICG) has welcomed the election of a new government, urging it to look at the "whole life insurance industry" before re-introducing the Life Insurance Framework (LIF) reforms.

In a statement, the LICG said its members are asking for a responsible, respected life insurance industry that can provide those in need with financial certainty and dignity.

“If the LIF legislation is to be reintroduced, it must be evidence-based, consumer-focused, long-term policy that fits in with review of all life insurance industry participants,” the LICG said.

“Transparency and integrity must be part of the debate.”

The LICG said the LIF reforms in their current form “are classic political short-termism”, and that the proposed legislation has no identified positive outcome.

It said the new government must look at all the evidence, and notice where there is no evidence, before reintroducing LIF legislation.

“We urge the new government to ask the right questions and listen,” the LICG said.

“The exploration of the real issues impacting the industry’s reputation and recommendations for reform must be via good policy, and be above politics.”

The LICG said it will continue to work directly with regulators, and will continue to contribute to the re-referred Senate Scrutiny of Financial Advice (SoFA) inquiry.

"We will continue to work directly with regulators, and are grateful to officials who have listened, and seek a thorough understanding of the issues. We will continue to contribute to the re-referred Senate SoFA inquiry, and all members of our new Parliament," the statement said. 

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