Australia’s Treasury Explores Genetic Testing in Life Insurance
- The Albanese government in Australia has launched a consultation process to explore options for regulating the use of genetic testing by life insurers. Currently, the Disability Discrimination Act permits life insurers to use genomic or genetic test results when underwriting life insurance contracts, with a partial moratorium in place since 2019 restricting the use of these tests below certain financial limits.
- The government’s decision follows community concerns about potential discrimination in accessing life insurance and a report from Monash University that criticized the current moratorium and urged government intervention. Genetic and genomic health technologies have significant potential in medical practice, including the prevention, diagnosis, treatment, and monitoring of heritable conditions, cancer predisposition syndromes, and cancers.
- The consultation aims to ensure consumers can continue to afford life insurance, while reaping the healthcare benefits offered by genetic testing. Interested parties are invited to provide feedback on the consultation paper available on the Treasury website, with the consultation period closing on 31 January 2024. The input received will help shape future policies in this area.
Albanese Government Consults on Use of Genetic Testing in Life Insurance
The Albanese government has initiated consultation to scrutinise options regarding the application of genetic testing by life insurance providers. The Disability Discrimination Act currently permits life insurers to employ genetic test results for underwriting life insurance contracts, but a partial moratorium has been in place since 2019 limiting this within certain financial parameters.
Concerns have surfaced among the community, suggesting that individuals may be discouraged from genetic testing due to the fear of discrimination when obtaining life insurance. This was highlighted in the Monash University report, A-GLIMMER, which revealed multiple issues with the moratorium, prompting a call for government intervention.
The Albanese government acknowledges the crucial role of genetic and genomic health technologies in modern medicine. They have revolutionised how medical professionals tackle heritable conditions, cancer predisposition syndromes, and cancers.
Consultation Paper on Regulating Genetic Testing in Life Insurance
In response, a consultation paper exploring options to regulate the use of genetic testing results in life insurance underwriting has been released by the Albanese Government. The paper proposes solutions to ensure consumers maintain access to affordable life insurance while fully benefiting from genetic testing.
All parties with a vested interest are encouraged to contribute to the consultation paper available on the Treasury website. Feedback will inform future policy development in this area. The deadline for submissions is 31 January 2024.
Quotes from Government Officials
Assistant Treasurer and Minister for Financial Services, Stephen Jones, remarked, “Australians should not be deterred from life-saving genetic testing due to fear of discrimination in life insurance. Preventative health should not be synonymous with financial burden. This issue deserves our attention.”
The Hon Josh Burns MP added, “I commend this consultation and appreciate the Minister’s leadership. Genetic testing is crucial, especially for the Jewish community at risk of certain health conditions. Robust protections against genetic result-based discrimination will instill more confidence in pursuing genetic testing and necessary healthcare.”
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