Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025

Summary

Amends: the Insurance Contracts Act 1984 to establish a ban which prohibits insurers from using certain information about an individual’s genetic testing to inform the offer of life insurance cover, or the terms and conditions of the cover that is offered; the Disability Discrimination Act 1992 to align Australia’s anti-discrimination law with the ban; the Corporations Act 2001 to provide four licensing exemptions for foreign financial services providers; 7 Acts to support Australia’s continuing participation with multilateral development banks (MDBs) and the International Monetary Fund by introducing special appropriations for current and future financial obligations to MDBs, enabling the delegation of certain powers, ensuring payments consistent with existing obligations can be made without additional ministerial approval, and making technical amendments; and the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 to remove the requirement that individual financial advisers register themselves with the Australian Securities and Investments Commission annually from 1 July 2026. Also repeals 9 Acts and the European Bank for Reconstruction and Development Regulation 2012.