Weekly Life Insurance News RoundupDecember 3rd, 2012 | Posted by in News
Asteron rejects APES 230 standards
Life insurer believes new standards unfair to advisers linked to accounting firms. Insurance provider Asteron Life believes proposed new professional standards will negatively affect advisers linked to accounting firms.
Doors set to close on self-insurance
As do-it-yourself super strategies go, self- insurance is a topic that attracts more talk than action. While it is possible for a DIY fund to finance life and disability insurance for its members by setting fund earnings aside in a special reserve account, in reality, the challenges involved invariably prove to be too complicated for those who consider it.
New regs could devastate adviser incomes
The APES 230 standard for provision of financial planning services by accountants could have serious implications for adviser incomes. According to Asteron Life, the new regulations will negatively impact financial advisers who have links to accounting firms by increasing advice fees and reducing the affordability of advice.
TAL launches new dealer group
Specialist life insurer TAL has launched a new risk-specialist dealer group, Affinia in response to adviser demand. Affinia head Craig Parker said the group is looking to partner with advisers who are specialists in risk, and who want an alternative to a traditional dealer group.
TAL urges trustees to review default insurance benefits
Super fund trustees should re-examine whether the levels of default life insurance cover offered by their funds meet member needs, according to specialist life insurer, TAL. APRA’s proposed Prudential Standard SPS250 will require trustees to develop a life insurance strategy for their fund, and to consider whether the insurance cover offered to members is appropriate.
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