Australia’s life insurers have welcomed the release of the interim report on the independent review of the Life Insurance Code of Practice (Life Code).
The review, led by highly respected financial sector expert Peter Kell, involves deep engagement with the community, consumer advocates and regulators to ensure the Life Code remains strong, relevant and trusted.
“This independent review is an important part of our industry’s promise and commitment to the people we protect every day,” said the Council of Australian Life Insurers CEO Christine Cupitt.
“It provides a robust, independent process to hear a broad range of views about how we can continue to ensure our industry lives up to the expectations of the community,” she said.
“It is critical that the Life Code reflects the needs of our customers, keeps pace with changing laws and regulations, and is practical and easy to understand.”
The interim report concludes the first phase of the independent Life Code review and sets out initial observations, findings and recommendations, which will guide further consultation in the months ahead on potential improvements to the Life Code.
The next phase of the review will invite further submissions on the interim report’s recommendations and include additional consultation questions.
The consultation period will remain open until 8 May 2026. CALI strongly encourages Australian customers, industry partners and other stakeholders to have their say.
A final report on the independent Life Code review is expected by 30 June 2026.