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Resolution Life is continuing to communicate to those customers affected by corrections to stamp duty charges payable on some insurance premiums.

The final stamp duty remediation is now taking place with the program to end in October this year. We are in the process of mailing to around 14,000 customers who’ve been overcharged stamp duty on a variety of insurance products, that they’re being refunded for the total amount overpaid plus an amount for missed earnings.  Customers will either be refunded via the ATO (super), their current bank account (active customers) or for active and inactive, asked to provide EFT details via our website. Letters will be sent to deceased estates where the previously insured customer was found to be due a refund.

Products involved include super and ordinary:

  • Firstcare - Lifetime Protection (FLP) 
  • CrisisCare (CCI)  
  • Term Life Insurance (TLI) 
  • Any RISKPRO products with a CBO attached. 

The completion of the stamp duty remediation process means that all affected product administration systems have been rectified, ensuring that the correct stamp duty rates are now being applied. 

The customer FAQs and EFT details portal can be found here: Stamp duty - Resolution Life 

Background

Previous communications to the adviser network about these stamp duty corrections include:

  • A Product Journal (9 September 2020) advised that stamp duty rates for FLP customers in Queensland were updated in Illustrations Plus. 
  • A Product Journal (23 February 2021) advised that customers with undercharges on their stamp duty would have their insurance premiums corrected at their annual policy renewal or whenever they made a change to their policy. 
  • A Product Flash (issued by AMP/North on 21 June 2021) announced that stamp duty remediation was underway for customers on the North platform. 
  • A Product Journal – (24 November 2021) Annual Statements used to inform customers about premium increases due to stamp duty undercharges.  
  • Further Stamp Duty Compensations (February 2022) – Super customers advised that refunds due to overpaid stamp duty were forwarded to the ATO.  A $20 Menulog food delivery voucher was sent to each impacted customer to acknowledge any inconvenience

Other articles from the September newsletter

Important information

Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters.

Products in the National Mutual Retirement Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757. Insurance and Investment products are issued by Resolution Life.

If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

All information on this website is subject to change without notice.