Financial Services Council (FSC) on behalf of its Member Life Insurance Companies

On 6 April 2020, the Financial Services Council (FSC), on behalf of its member life insurance companies, lodged an application for authorisation to give effect to a commitment to ensure that healthcare workers are not denied life insurance, will not be charged higher premiums and will not have benefits excluded, purely due to exposure, or potential exposure, to COVID‑19 (the Conduct).

FSC also requested interim authorisation for the Conduct on an urgent basis so that insurers could start implementing the commitment as soon as possible.

On 9 April 2020, the ACCC granted urgent interim authorisation to the Conduct.

On 17 June 2020, the ACCC issued a draft determination proposing to grant authorisation for 12 months from the date on which final authorisation is granted, subject to two conditions. The full draft determination document can be found below.

On 16 July 2020, the ACCC granted conditional authorisation to the FSC and its member life insurance companies to give effect to the Conduct. Authorisation has been granted until 31 July 2021. The final determination document can be found below.

If no application for review of the determination is made to the Australian Competition Tribunal, the authorisation will come into force on 7 August 2020.

Further information on the application for authorisation and the ACCC’s decision is available through the links below.