ACCC authorises life insurers' COVID-19 commitment to healthcare workers

On 16 July 2020, the ACCC granted conditional authorisation to the Financial Services Council (FSC) and its life insurance members, to allow them to implement a commitment that healthcare workers will not be 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.

Authorisation is granted subject to conditions that require the FSC to provide information to the ACCC on request, and require participating insurers to notify the ACCC when they opt in or out of the commitment.

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. Authorisation is granted until 31 July 2021.

More information about this authorisation is available on the ACCC's public register at: Financial Services Council (FSC) on behalf of its Member Life Insurance Companies.

 

Published date: 
16 July 2020

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