AMP Life sale to complete on 30 June
AMP Limited has confirmed that all the regulatory approvals around the sale of life insurance business to Resolution Life have been completed.
It has told the Australian Securities Exchange it now expects the transaction to complete after the market closes on 30 June.
It said it would be providing an update to the market on 1 July.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
