Justin Delaney
Zurich Financial Services Australia (Zurich) has welcomed the announcement by the Council of Australian Life Insurers (CALI) to formally review the Life Insurance Code of Practice (the Code).
The Code outlines the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosures, and principles of conduct.
Beginning October 2025, the Code review will be conducted by Peter Kell, former Deputy Chair of the Australian Securities and Investments Commission (ASIC) and former Chief Executive Officer of CHOICE.
Justin Delaney, Chief Executive Officer, Zurich said: “The Code plays an important role in holding insurers to a high standard with our customers across the entire process, from how products are designed and sold, through to the claims experience.”
“The decision to review the Code and the industry’s intention that it be registered with the regulator underline’s a commitment to continually improving and achieving positive customer outcomes.”
“Zurich looks forward to working with Mr Kell and the broader industry on this important task and contributing to evolving the critical safeguards the Code provides to customers,” Mr Delaney said.
The Code was first established in 2016 was last revised and updated in July 2023, incorporating several changes across sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the Code, and the introduction of new enforceable provisions.
Following the review, the new Code is due to be implemented on 1 October 2027.