Justin Delaney
Zurich Financial Services Australia (Zurich) has welcomed the forthcoming transfer of ownership of the Life Insurance Code of Practice (LICOP) to the Council of Australian Life Insurers (CALI).
Developed in consultation with life insurers including Zurich, LICOP outlines the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosures, and principles of conduct.
Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, said: “The Code represents the life insurance industry’s commitment to protecting customers and continually evolving. As the peak body for life insurers, CALI’s ownership of the Code further underlines this commitment.”
“At Zurich, we take acting in the best interests of our customers seriously and we support maintaining an industry-wide approach that holds all insurers to a high standard. The Code impacts all facets of our customer interactions, from how products are designed and sold, through to the claims experience,” Mr Delaney said.
LICOP was revised and updated in July 2023 and reflects numerous changes since its inception in 2016, spanning sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the code, and the introduction of new enforceable provisions.
Ownership of LICOP will transfer from the Financial Services Council (FSC) to CALI effective 29 September 2023.
