On 26 June the Financial Services Council (FSC) issued a press release announcing a moratorium on genetic testing and life insurance captured under FSC Standard No 11. The moratorium allows Australians to get up to $500,000 of life cover without disclosing an adverse genetic test result.
The moratorium came into effect on 1 July 2019 and will remain in effect until 30 June 2024 but will be reviewed in 2022. The change will also allow for disclosure of favourable genetic test results. Members of the Financial Services Council are required to abide by the FSC standards. All companies offering insurance in Australia are members of the Financial Services Council and are bound by the industry code of practice. The press release can be found at https://www.fsc.org.au/news/media-releases.