The Financial Services Council (FSC) has called for the establishment of a genetics and insurance council to discuss policy with the Government.

CEO Sally Loane told the FSC Life Insurance Conference the council would discuss the framework needed to give Australians confidence to take part in clinical research and undergo predictive genetic tests for health reasons.

It would be composed of policymakers, geneticists, health professionals, life insurance representatives and other stakeholders, and modelled on the FSC Mental Health Roundtable.

“The field of genetic science is advancing rapidly,” she said. “We need a flexible policy approach to allow for future technological and societal change.”

The FSC standard governing use of genetic tests by life insurers was developed in 2002 with advice from geneticists. Insurers cannot require someone to undergo a test when they apply for insurance and will not use results to assess another family member’s risk.

The Life Insurance Code of Practice was strengthened last year with minimum standard medical definitions for trauma and critical illness policies.

The FSC intends to release a second version of the code for public consultation this year. It will take effect in July next year.