Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025
Submission Date: 27 January 2026
This submission has been prepared by the Financial Services Committee and the Corporations Committee of the Business Law Section of the Law Council of Australia (collectively, the Committees). This submission relates to the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 (Bill), which was introduced into the House of Representatives on 26 November 2025 and was then referred to the Senate Economics Legislation Committee for inquiry on 27 November 2025.
The Committees wish to comment solely on Schedule 2 to the Bill, which contains exemptions from:
- the requirement to hold an Australian financial services licence (AFSL) for certain foreign financial service providers (FFSPs); and
- certain licensing requirements (known as the “fit and proper” person assessment) for FFSPs who hold an AFSL and are regulated under a comparable overseas regulatory regime.
This submission has been prepared by members of the Committees who have decades of relevant experience advising domestic and foreign providers of financial services about Australian financial services regulatory matters, during which they have accumulated substantial expertise and a very sophisticated understanding of the Australian regulatory framework on this subject (including an acute awareness of its shortcomings).
Last Updated on 27/01/2026
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