November 21, 2017
The Parliamentary Joint Committee (PJC) Inquiry into the Life Insurance Industry will now release its final report three months after the commencement of the Life Insurance Framework regime.
The PJC will hand down its report on 31 March, 2018 after the Deputy Chair of the PJC, Senator Deborah O’Neill requested in the Senate a third extension to its reporting date.
The new reporting date is nine months later than the original date of 30 June 2017, which was set when the inquiry was first established on September 2016 (see: Life Insurance Set For New Parliamentary Review).
In March of this year the date was extended to 31 October, 2017 and in September, a second extension was granted, moving the reporting date to 7 December 2017 (see: Life Insurance Inquiry Reporting Date Extended Again), which has now been replaced with the most recent extension.
The news follows the announcement the PJC will hold a seventh public hearing on 1 December in Canberra. The program has not yet been released for the hearing but it is understood representatives from ASIC and life insurers will be asked to appear before the Committee.