Life Insurance

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The 2023 Life Insurance Code of Practice (the Life Insurance Code) introduced a requirement for insurers to have family violence policies available online for their customers. For many life insurers this will be the first publicly available written policy indicating how they will support customers experiencing family violence. Family violence – in the form of…

Read More Financial Rights Publishes Report on Best Practice in Life Insurer Family Violence Policies

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Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%, the Annual Industry Data and Compliance Report found that the number of customers impacted by breaches declined between 1 July 2022 and 30…

Read More Life Insurance Annual Data and Compliance Report 2022-2023: The Fall and Rise of Breaches

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ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements.

Read More ASIC Releases Summary for Indigenous Financial Services Framework Workshop

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Currently, the Disability Discrimination Act provides an exemption for life insurers to use genomic or genetic test results when underwriting life insurance contracts. Since 2019, an industry-regulated partial-moratorium has been in place that prohibits the use of these tests below certain financial limits.
The government encourages all interested parties to make a submission in response to the consultation paper, which can be found on the Treasury website.

Read More Consultation Opens on Use of Genetic Testing in Life Insurance

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The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.

Read More Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

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The Life Insurance Code Compliance Committee (Life CCC) prioritised supporting a smooth transition to the new Code of Practice in 2022-23, according to its Annual Report.

The Annual Report 2022-23, published today, noted how the work of the Life CCC helped life insurers to proceed with clarity in aligning systems, processes and practices to new obligations in the Code.

The new obligations and additional consumer protections came into effect on 1 July 2023.

Read More Life Insurance Code Compliance Committee Releases First Annual Report Under the New Code of Practice

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From an FSC media release (02/06/2023): The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers.   FSC, CEO, Blake Briggs said: “This significant milestone…

Read More FSC to Rollout Changes to Life Insurance Code

The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code).  The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…

Read More Life CCC welcomes additional consumer protections

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ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…

Read More ASIC review finds room for improvement remains with life insurance claims handling

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The Life Code Compliance Committee (the LCCC), the independent body that administers and enforces the Life Insurance Code of Practice, has released its Own Motion Inquiry report on subscribers’ compliance with the obligation for subscribers to provide customers with an annual notice in writing each year. The annual notice serves to remind customers of their…

Read More Life Code Compliance Committee publishes Own Motion Inquiry report