The independent review of the Life Insurance Code of Practice (the Life Code) has released a Consultation Paper, inviting feedback from key stakeholders and the public on how the Life Code is working and where improvements could be made. The review is being led by former ASIC Deputy Chair Peter Kell.
The Life Code sets standards for how life insurers must treat their customers, covering areas including product design and sales through to claims handling and communication. The review will assess whether improvements are required to ensure the Life Code reflects the needs of customers, keeps pace with changing laws and regulations, and is practical and easy to understand.
Mr Kell said the Consultation Paper is an important step in developing recommendations to ensure the Life Code continues to meet evolving community standards and provides consumer benefits.
“The Code plays a vital role in setting clear expectations for how life insurers interact with their customers,” Mr Kell said. “This review is an opportunity to hear directly from customers and organisations who use, rely on, and are affected by the Life Code.”
The Consultation Paper sets out key questions and themes for feedback, including:
- whether the Life Code’s consumer commitments are effective and easy to understand;
- whether vulnerable customers are adequately supported;
- how well insurers communicate with customers, especially during claims; and
- how to ensure effective Code compliance and enforceability.
Submissions are invited from all interested organisations and individuals by 15 December 2025. Feedback will inform the development of an Interim Report, which will be released for further consultation in early 2026.
“I welcome feedback from consumers, advocacy organisations, life insurers and other industry participants and other stakeholders.”
The Consultation Paper and details on how to make a submission are available at lifecodereview.org.au/make-a-submission