Peter Kell

The Independent Reviewer of the Life Insurance Code of Practice (the Life Code), Peter Kell, has released an Interim Report setting out initial observations, findings and recommendations from the first phase of the review.

The Interim Report marks an important milestone in the independent review of the Life Code and follows extensive consultation with stakeholders, including the life insurance industry, industry bodies, consumer representatives, regulators and government agencies, medical experts, legal practitioners, the Australian Financial Complaints Authority and the Life Code Compliance Committee. In response to the Consultation Paper published in October 2025, the Reviewer received 11 public submissions and three confidential submissions, in some cases incorporating the views of multiple stakeholders.

The Interim Report includes recommendations that address the key areas for consideration in the terms of reference and other issues in the Consultation Paper and submissions, including:

• Industry commitments and communication on mental health cover and support
• Support for customers experiencing vulnerability
• Engaging with First Nations customers
• Claims handling, including timeframes and communication during claims; and
• The enforceability of the Code by oversight bodies and individual consumers.

The Reviewer is also seeking additional feedback on mental health exclusions, including on the recommendations set out in a recent supplementary submission from the Council of Australian Life Insurers. Several targeted questions are included in the Interim Report to guide further feedback in this area.

Mr Kell thanked stakeholders for their constructive engagement in the review process.

“I would like to thank all those who contributed submissions and shared their perspectives. The Life Code plays a vital role in supporting consumers in their dealings with life insurers, and this input has been critical in identifying areas where the Life Code is working well and where it can be strengthened.”

“The Interim Report sets out preliminary findings and provides an important opportunity for further feedback to help shape a modern, effective and consumer-focused Life Code.”

Stakeholders are invited to provide feedback on the Interim Report and its proposed areas for reform by 8 May 2026.

Further consultation will inform the final stage of the review. A Final Report, including recommendations for changes to the Life Code, will be provided to the Council of Australian Life Insurers by 30 June 2026.

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Peter Kell

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.

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