13 Mar 2010

Greens question Westpac bid to change bill

11:12 am on 13 March 2010

The Green Party is criticising a Westpac bid to change a bill aimed at protecting people with life insurance and boosting confidence in the insurance sector.

The Government's Insurance Bill is before Parliament's Finance and Expenditure Committee.

It requires that priority be given to life insurance policy holders over shareholders in the investment and management of a statutory fund's assets.

Westpac Life Insurance has submitted that there should instead be a duty to ensure shareholders' or members' interests are not advanced to the detriment of policy holders.

Green Party co-leader Russel Norman says that Westpac wants to overturn the purpose of the bill, and that that is extraordinary.