The Life Code Compliance Committee has released its inaugural Annual Report today.
A copy of the accompanying media release can be found here.
The Committee independently monitors subscribing insurers’ compliance with good industry practice, as set out in the Life Insurance Code of Practice (the Code).
The Committee’s key purpose is to help the life insurance industry improve its service to customers.
The 2017-18 Annual Report outlined a busy first year, in which the Committee established a governance structure and initial procedures, initiated compliance monitoring and investigations and established constructive relationships with stakeholders.
In the coming year the Committee intends to build on the good work it has commenced in its role as an independent monitor of the Code, aiming to achieve robust monitoring of the Code in a timely manner, and provide practical guidance to subscribers on how to comply with the Code.
The Committee also seeks to provide assurance to consumers that subscribers are being held to account in meeting their Code obligations and looks forward to receiving sufficient ongoing resourcing to meet those obligations and objectives.
For further information please contact:
General Manager, Code Compliance & Monitoring
(on behalf of the Life Insurance Code Compliance Committee)
(03) 9613 7341