The Council of Australian Life Insurers (CALI) has submitted its response to the independent review of the Life Insurance Code of Practice (Life Code), reaffirming its commitment to strong customer protections and continuous improvement.
CALI Chief Executive Officer Christine Cupitt said the review was an important opportunity to hear a broad range of views from the community, consumer advocates, and regulators.
“The Life Code is central to continued trust between life insurers and the Australians they protect,” Ms Cupitt said.
“For the Life Code to remain strong, relevant, and trusted, it must continue to meet the needs of Australians, keep pace with regulatory change, and reflect what the community expects from our industry.”
CALI’s submission supports evolving the Life Code to provide the right protections for customers in an accessible, understandable way. This includes protections for people experiencing vulnerability, financial hardship, or mental ill-health.
The submission also highlights areas where clearer language, simpler structure, and better alignment with the law could improve understanding, consistency, and confidence for customers, without reducing existing protections.
About the Life Insurance Code of Practice
The Life Code establishes enforceable standards that life insurers agree to uphold to guarantee that customers can confidently purchase life insurance, knowing that their insurer will provide assistance when needed. It encompasses all aspects of life insurance, including how products are designed, how they are sold, timeframes to communicate decisions with customers, the claims process, and how complaints are resolved. For more information about the Life Code review, visit www.lifecodereview.org.au.