Life insurance industry announces new dedicated peak body and Code of Practice

Last week, the life insurance industry announced the formation of a new dedicated peak body, the Council of Australian Life Insurers (CALI) and the publication of a new Life Insurance Code of Practice.

Written on 29 June, 2022
Amy Cai

Last week, the life insurance industry announced the formation of a new dedicated peak body, the Council of Australian Life Insurers (CALI) and the publication of a new Life Insurance Code of Practice.

Life Insurance Code of Practice

The Financial Services Council, in consultation with various industry, consumer and regulatory bodies, has released a new Life Insurance Code of Practice (the Life Code) which will take effect from 1 July 2023.

The Life Code introduces over 50 additional consumer protections, aimed at ensuring clients receive a high standard of service, from taking out a policy to making a claim.

A copy of the Life Code can be viewed here.

 New dedicated peak body

The life insurance industry also announced the formation of a new dedicated peak body, the Council of Australian Life Insurers (CALI), launching later this year.

The CALI is expected to take over the Financial Services Council in its responsibility of the Life Code, as part of their transition arrangements.

While the Financial Services Council has played a critical role in representing the life insurance industry, as part of its broad representation of all financial services, the formation of CALI is intended to allow more dedicated representation for the industry moving forward.

More information on the Council of Australian Life Insurers will be released in due course.