Policy proposal
The Australian Securities and Investments Commission (ASIC) has released a policy proposal paper seeking comment to remove barriers to fully electronic distribution of life insurance and superannuation products.
ASIC says the paper hopes to enable life companies and superannuation trustees to receive and process applications electronically.
Both life companies and superannuation trustees are already able to access electronic disclosure documents, but in many cases existing rules mean they can only accept paper-based applications.
The proposals are designed to remove uncertainties about whether a fully electronic application process complies with regulatory rules.
ASIC says it has been careful to make sure consumers who apply for life insurance and superannuation products electronically have full access to disclosure documents as well as being fully alerted to their rights and obligations.
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