APRA indicated late last year that it expected life companies to discontinue writing agreed value DII contracts by March 31 2020 (see: APRA Demands New Course for IP Sustainability).
Insurers have subsequently released new PDSs or SPDSs to reflect the cessation of offering new agreed value income protection policy options, as directed by the corporate regulator.
At the time of going to press those insurers releasing new PDSs include:
- AIA Australia – 1 April 2020
- Integrity Life – 1 April 2020
- NEOS Life – 1 April 2020
- OnePath – 1 April 2020
- TAL – 27 March 2020
- Zurich Wealth Protection – 1 April 2020
- Zurich Active – 1 April 2020
- Zurich Sumo – 1 April 2020
Meanwhile, insurers releasing Supplementary PDSs include:
