Responsibility for the Life Insurance Code of Practice transitions from the Financial Services Council, the developer of the code, to the Council of Australian Life Insurers from today.
CALI CEO Christine Cupitt says the Life Code’s transition, effective 29 September 2023 will “…further underpin the commitment of Australia’s life insurers to meet the needs and expectations of their customers and the broader community.”
She adds that the Life Code “…sets standards higher than the law to expand Australians’ access to the life insurance protection that suits them… in a fair, transparent and accountable way.”
…CALI will govern the Life Code and is now the primary contact…
CALI will govern the Life Code and is now the primary contact for industry stakeholders, regulators and policy makers on all matters relating to it.
“This is an important milestone for CALI and a critical part of our role representing life insurers and supporting Australians to make informed choices about their future,” Cupitt says.
CEO of the FSC, Blake Briggs says he is “…proud of the work the FSC has undertaken to deliver the Life Insurance Code of Practice, and the positive impact it has had on life insurance consumers.”
He notes the current version of the Life Code entered into force on 1 July 2023 “…and expands on the important work completed by the FSC when the original Code of Practice was released in 2017.”
Briggs adds that as the landscape of industry representation has evolved “…it has become evident that transferring the Life Code to CALI is the appropriate step forward, and we are confident that life insurers will be well-served by the new association’s responsibility for the Life Code.”
CALI notes that the life insurance industry has voluntarily developed the Life Code to protect Australian customers.
It says the Life Code sets important standards that life insurers must comply with to guarantee customers can confidently purchase life insurance knowing their insurer will provide help when needed.
Cupitt adds the Life Code delivers “…better outcomes for Australians through high standards, tough penalties for conduct breaches and strong independent enforcement.”
The latest version of the Life Code commenced in July and has 50 additional consumer protections (see: New Code of Practice Takes Effect).
