6.1 A number of key concerns with respect to mature age workers and insurance were expressed during the course of this Inquiry. These concerns relate to the availability of, and information about, insurance products for mature age persons; and the relevance, transparency and accessibility of the actuarial and statistical data upon which age-based insurance underwriting and pricing occurs.

6.2 To facilitate the provision of clear and simple information about available insurance products for mature age persons, the ALRC recommends that the Insurance Reform Advisory Group (IRAG) consider options for the development of a central information source.

6.3 The ALRC recommends a two-fold approach to addressing concerns about actuarial and statistical data. First, the ALRC recommends that the Australian Government and insurers negotiate an agreement requiring the publication of data upon which insurance offerings based on age rely. Secondly, the ALRC recommends review of insurance exceptions under Commonwealth, state and territory anti-discrimination legislation as they apply to age. A related recommendation is the development of guidance material about the application of any insurance exception under Commonwealth anti-discrimination legislation.

6.4 Finally, the ALRC recommends that the General Insurance Code of Practice and the Financial Services Council Code of Ethics and Code of Conduct be amended. The codes should include diversity statements or objects clauses that encourage consideration of the needs and circumstances of a diverse range of consumers, including mature age persons.