Established to set industry standards for practice, disclosure, and conduct, the Life Insurance Code of Practice serves as a benchmark for insurers' commitments to their customers. The forthcoming review, led by former ASIC Deputy Chair Peter Kell, will assess the Code's current provisions and identify areas for enhancement to better serve consumers.
Justin Delaney, CEO of Zurich Australia, expressed support for the review, emphasizing the importance of maintaining high standards across all aspects of the insurance process, from product design to claims handling. He highlighted that the decision to review the Code underscores the industry's dedication to continuous improvement and positive customer outcomes.
The review process will involve public consultations, allowing consumers, industry participants, and other stakeholders to provide input. A consultation paper is scheduled for release on 17 October 2025, with submissions open until 15 December 2025. The final report is expected by 30 June 2026, with findings to be made publicly available later that year.
For policyholders, this review presents an opportunity to voice their experiences and expectations, contributing to a Code that more accurately reflects their needs and concerns. Engaging in the consultation process can help shape the future of life insurance practices in Australia, ensuring that consumer interests remain at the forefront of industry developments.
As the review progresses, it is anticipated that the outcomes will lead to strengthened consumer protections, enhanced transparency, and increased confidence in the life insurance sector, ultimately benefiting all Australians seeking financial security through life insurance products.
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