The Actuaries Institute is putting pressure on the government to stop dragging its heels on the rationalisation of obsolete life insurance products and help boost confidence in the under-fire sector by addressing problems such as outdated medical definitions.

The Financial System Inquiry first recommended back in 2014 that a mechanism be introduced to facilitate that rationalisation of so-called "legacy" products, which may have been sold as much as decades ago but can still be claimed on.