Kell to Lead Comprehensive Review of Australia's Life Insurance Code
Kell to Lead Comprehensive Review of Australia's Life Insurance Code
0
Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023.
The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year.
Kell brings a wealth of experience to the role, having previously served as deputy chair of the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC). His past role as CEO of consumer advocacy group Choice further attests to his suitability for the task.
The CALI, under the leadership of CEO Christine Cupitt, emphasises that the review aims for thoroughness, inclusivity, and credibility. Cupitt highlighted Kell’s extensive expertise in industry regulations and self-regulation and noted his clear dedication to enhancing consumer outcomes within financial services. Kell is expected to significantly strengthen the life insurance code to better serve customers and the industry.
This review opens a dialogue with the community, consumer representatives, regulators, and industry participants, ensuring the code remains robust, relevant, and trustworthy. A consultation paper will be published on October 17, with an invitation for submissions until December 15.
Key issues to be scrutinised include the code's provisions for customers with mental health conditions, the appropriateness of claims handling processes, and the enforceability of commitments under the code. These considerations are outlined in the review’s terms of reference.
Justin Delaney, CEO of Zurich Financial Services Australia, underscored the review's importance, stating that it reflects the industry's commitment to continuous improvement and achieving favourable outcomes for customers. He noted the intention to register the code with a regulatory body, highlighting a proactive approach to regulation.
The revised code is anticipated to come into force by October 1, 2027, representing a significant step in fortifying the framework governing life insurance practices in Australia.
Published:Friday, 1st Aug 2025 Source: Paige Estritori
Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023. The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year. - read more
The Australian Financial Complaints Authority (AFCA) has upheld PetSure's decision to cap their payout at $2,600 for a dog's medical costs, settling a dispute over pet insurance claims. The dog's accidental injury involved a ruptured cranial cruciate ligament, requiring approximately $6,500 in veterinary care, including surgery. Although the owners' claim was initially accepted, it was limited under the policy's annual sublimit for cruciate ligament conditions. - read more
Australia's retail life insurance sector is facing significant challenges despite generating approximately $9.4 billion in annual premiums. Upon closer examination, it's evident that this industry is under strain. Growth is primarily driven by price increases rather than the addition of new clients, signalling concerns for long-term sustainability. New business growth hovers around 8-9% annually, not enough to adequately bolster the sector. - read more
Public liability insurance is a type of coverage designed to protect you in the event that a member of the public is injured or their property is damaged because of your business activities. It's essential for tradespeople whose everyday work involves interacting with clients and the public—or working in environments where accidents could happen. - read more
Running a trade business in Australia comes with its own set of unique challenges and risks. Whether you're an electrician, plumber, builder, or any other type of tradesperson, protecting your livelihood is crucial. - read more
Insurance is a crucial aspect of business for tradespeople. Whether you are a sole trader or run a small trades business, having the right insurance coverage protects you from unexpected financial burdens. - read more
Dictionary
Insurance Premium
noun
The periodic amount paid for the purchase of insurance.
