You only have to look back in history at ASIC's report into Life insurance that brought about the LIF to understand what crooks ASIC are. They targeted know churners with only 202 files reviewed, they admitted they got it wrong after the LIF was passed and since then the effects on customers has been catastrophic. Insurers have been increasing existing customers premiums time and time again. The same insurers discounting premiums on new business and trying to encourage churn and ASIC have done NOTHING about this. Underinsurance has worsened, new business has dried up and the fault lies with both ASIC and the FSC. The crooks are running the prison.
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