Financial advisers have been\u00a0given a final opportunity to comment on the Life Insurance Framework (LIF) after the underlying legislation was referred to a Senate committee late last week.<\/p>\n
The Senate made the decision to immediately refer the provisions of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016<\/em> to the Senate Economics Legislation Committee (SEC) on 25 February, with a reporting date of 15 March.<\/p>\n In making the decision to refer the legislation to a committee the Senate stated its reason was \u201c…to consider the implication of the Bill on the life insurance industry and to allow relevant stakeholders to voice their opinions on the Bill.\u201d<\/p>\n As a result of this referral, the SEC will take submissions from any interested parties until 7 March<\/a>.<\/p>\n Interestingly, Hansard listed the Association of Financial Advisers, the Financial Planning Association, the Financial Services Council, Department of the Treasury, John Trowbridge and life insurers as groups from which it may receive possible submissions or evidence.<\/p>\n The referral of bills to a Senate committee is common practice, but a second appendix to the proposal to refer the bill also stated that one reason for the referral was \u201c… to allow for additional consideration of the legislation\u201d.<\/p>\n Responding to the referral of the LIF legislation to the SEC, the Life Insurance Customer Group (LICG) has reiterated its call for further consideration of the LIF legislation<\/a>, and is contacting advisers asking them to request\u00a0their professional associations to make a submission before 7 March.<\/p>\n \u201cThis presents an urgent opportunity for our industry associations, the AFA and FPA, to make a submission to the SEC which accurately and fairly represents its members concerns,\u201d the LICG stated.<\/p>\none reason for the referral was \u201c… to allow for additional consideration of the legislation\u201d<\/h6>\n