{"id":61468,"date":"2022-06-22T08:33:22","date_gmt":"2022-06-21T22:33:22","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=61468"},"modified":"2024-10-17T14:15:38","modified_gmt":"2024-10-17T04:15:38","slug":"new-life-insurance-industry-peak-body-announced","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/06\/22\/new-life-insurance-industry-peak-body-announced\/","title":{"rendered":"New Life Insurance Industry Peak Body Announced"},"content":{"rendered":"<p>Australia\u2019s life insurers have announced the formation of a dedicated life insurance industry peak body, the Council of Australian Life Insurers (CALI).<\/p>\n<p>Set to be launched later this year, the new representative body is intended to be &#8220;&#8230;the collective voice of the life insurance industry, with a focus on meeting the evolving needs and expectations of its customers, partners, stakeholders and the community, and supporting the ongoing progress and development of the industry.&#8221;<\/p>\n<p>A spokesperson for CALI said \u201cThroughout a continued period of policy reform in the lead-up to and following the Royal Commission, the life insurance industry has undergone significant change, including structural changes via industry consolidation and specialisation.<\/p>\n<blockquote><p>&#8230;the time is right to form a dedicated peak body to focus solely on matters affecting the life insurance industry and its customers<\/p><\/blockquote>\n<p>\u201cGiven the changing landscape in both regulation and structure, as an industry, we believe the time is right to form a dedicated peak body to focus solely on matters affecting the life insurance industry and its customers.\u201d<\/p>\n<p>In addition to upholding existing industry standards and practices, CALI says it will initially be focused on:<\/p>\n<ul>\n<li>Continuing to lift consumer standards within the industry through professional standards and codes of conduct<\/li>\n<li>Advocating for Australians to have access to appropriate, affordable and sustainable life insurance protection throughout their lives<\/li>\n<li>Informing Australians and key stakeholder groups about the role and value of life insurance<\/li>\n<li>Seeking opportunities for the industry to further contribute to the community.<\/li>\n<\/ul>\n<p>A statement from the new body says insurers have noted that the Financial Services Council has played a critical role in representing the life insurance industry during a period of significant change in Australian financial services, and that it expects to continue to have a close working relationship with the FSC on a range of financial service matters to deliver the best life insurance outcomes for all Australians.<\/p>\n<p>FSC CEO <strong>Blake Briggs<\/strong> said the council welcomes the formation of a sector specific association that will collaborate with the FSC and complement the FSC\u2019s broader representation and advocacy on behalf of the financial services industry.<\/p>\n<p>CALI is currently being established with recruitment under way for a CEO and staff, with more information expected to follow in due course.<\/p>\n<p>Membership of the body is comprised exclusively of life insurers, but the spokesperson says the new body will work constructively with the other various representative bodies.<\/p>\n<p>All of the following life insurers have indicated an intention to become members of CALI once the organisation is formally established:<\/p>\n<ul>\n<li>AIA Australia<\/li>\n<li>Challenger<\/li>\n<li>ClearView<\/li>\n<li>General Reinsurance Life<\/li>\n<li>Hannover Re<\/li>\n<li>Integrity Life<\/li>\n<li>MetLife Australia<\/li>\n<li>MLC Life Insurance<\/li>\n<li>Munich Re<\/li>\n<li>NobleOak<\/li>\n<li>Pacific Life Re<\/li>\n<li>QInsure<\/li>\n<li>RGA Reinsurance<\/li>\n<li>Resolution Life Australasia<\/li>\n<li>SCOR Life &amp; Health<\/li>\n<li>Swiss Re<\/li>\n<li>TAL<\/li>\n<li>Zurich Financial Services<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Australia\u2019s life insurers have announced the formation of a dedicated life insurance industry peak body, the Council of Australian Life Insurers (CALI). Set to be launched later this year, the new representative body is intended to be &#8220;&#8230;the collective voice of the life insurance industry, with a focus on meeting the evolving needs and expectations [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":61471,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282],"tags":[],"class_list":{"0":"post-61468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-associations"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=61468"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/61471"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=61468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=61468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=61468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}