Consultation closed
Consultation on AFCA’s Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (new), and AFCA’s Approach to delayed insurance claims in superannuation (amended) has now closed. The consultation took place between 9 September 2024 and 30 September 2024.
AFCA would like to thank stakeholders for their participation in the consultation process. All non-confidential submissions have now been published. We are now considering formal submissions and how we can best respond to the feedback we received. We will publish an AFCA Consultation Response Paper with final versions of the Approach documents on this page in the coming months.
About the consultation
The draft Approaches have been developed to provide greater clarity around what to expect from AFCA processes. They also intend to provide greater transparency about the way we investigate complaints and make decisions, and ensure we continue to deliver consistent outcomes for complaints to AFCA.
The documents will help complainants, financial firms and stakeholders understand how AFCA considers certain complaints about life insurance within superannuation and delayed insurance claims in superannuation.
They outline how AFCA applies legal principles, industry codes, regulatory guidance and considers good industry practice when investigating these complaints. The documents are informed by feedback received during our complaint handling process with our stakeholders, including government, regulators, financial firms and industry associations.
Together, the Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 and the Approach to delayed insurance claims in superannuation will support complainants and financial firms to better understand how we consider these complaints. They will also assist in efficiently and effectively resolving and avoiding disputes.
AFCA Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984)
The consultation for AFCA’s Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (superannuation) (new) took place between Monday, 9 September 2024 and Monday, 30 September 2024.
This draft Approach document explains how AFCA deals with complaints that involve the application of sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (the Act). These sections provide remedies to insurers where there have been certain misrepresentations or a failure to comply with the duty of disclosure by an insured fund member.
Approach document and consultation paper
AFCA Approach to delayed insurance claims in superannuation
The consultation for AFCA’s amended Approach to delayed insurance claims in superannuation is taking place from Monday, 9 September 2024 to Monday, 30 September 2024.
AFCA has made minor clarifying updates to our existing Approach to delayed insurance claims in superannuation. These updates are not intended to reflect any change to the substance of AFCA’s existing Approach.
Approach document and consultation paper
Formal submissions
We received a total of six formal written submissions about our Approaches in response to the consultation from a range of stakeholders. All non-confidential submissions have now been published.
We are now considering formal submissions and how we can best respond to the feedback we received. We will publish an AFCA Consultation Response Paper with final versions of the Approach documents on this page in the coming months.
Joint consultation key dates
| AFCA’s joint consultation on Superannuation Approaches | |
|---|---|
| Date | Milestone |
| Monday, 9 September 2024 | Joint consultation on AFCA’s Superannuation Approaches opens |
| Monday, 30 September 2024 | Joint consultation on AFCA’s Superannuation Approach documents closes |
| September – October 2024 | AFCA to consider and respond to joint consultation submissions and feedback |
| October 2024 | AFCA to publish submissions received |
| Late 2024 | AFCA publish updated final Approaches (subject to external approval) |
Frequently asked questions
Answers to frequently asked questions about:
- AFCA’s Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (superannuation) (new), and
- AFCA’s Approach to delayed insurance claims in superannuation (amended).
Contact us
If you have any questions about the draft Approach documents or the consultation process, please email consultation@afca.org.au.
