The government is considering the options to regulate the use of genetic testing results in life insurance underwriting, releasing a consultation paper on Monday for industry submissions.
In a joint media statement, the Minister for Financial Services Stephen Jones and Labor MP Josh Burns acknowledged the community concerns that people are being dissuaded from taking genetic tests for fear of discrimination in accessing life insurance.
It has been welcomed by industry associations including The Council of Australian Life Insurers, which agreed that genetic testing can help manage potential health risks and give Australians a “peace of mind”. The organisation said genetic testing is only one of several factors considered in underwriting a life insurance policy.
Submissions to the paper will close on 31 January 2024.
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