The interim report of the ongoing review of Australia's Independent Life Code of Practice (Life Code) has been released and it has found favour with the country's life insurers.
The interim review was led by financial sector expert Peter Kell and involved deep engagement with the community, consumer advocates and regulators to ensure the Life Code remains strong, relevant and trusted.
The independent review began on 1 October 2025 and has been undertaken to ensure it continues to serve the best interests of Australians.
The Life Code is an initiative by the life insurance industry and it intends to help life insurers provide the protection that suits Australians when they need it most, in an accountable and transparent way.
In a media release the Council of Australian Life Insurers (CALI) CEO Christine Cupitt said, “CALI welcomes the release of the interim review report.
“This independent review is an important part of our industry’s promise and commitment to the people we protect every day.”
Ms Cupitt said, “It (the review) provides a robust, independent process to hear a broad range of views about how we can continue to ensure our industry lives up to the expectations of the community.”
She said, “It is critical that the Life Code reflects the needs of our customers, keeps pace with changing laws and regulations, and is practical and easy to understand.”
The 74-page Life Code independent review Interim Report 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 independent reviewer received 11 public submissions and three confidential submissions, in some cases incorporating the views of multiple stakeholders.
The interim report includes 72 recommendations that are categorised under 16 sub-heads and address 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.
- The enforceability of the Code by oversight bodies and individual consumers.
- Code structure, compliance, governance, enforceability and reviews
- Advertising and sales practices, complaints and communications
The review also seeks additional feedback on mental health exclusions, including on the recommendations set out in a recent supplementary submission from CALI. Several targeted questions are also included in the Interim Report to guide further feedback in this area.
Mr Kell said, “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 initial observations, findings and recommendations will guide further consultation in the months ahead on potential improvements to the Life Code. The next phase of the review will invite further submissions on the interim report’s recommendations and include additional consultation questions.
The consultation period will remain open until 8 May 2026. CALI has said that it strongly encourages Australian customers, industry partners and other stakeholders to have their say. The final report on the independent Life Code review is expected by 30 June 2026.
The Life Code establishes enforceable standards that life insurers agree to uphold to guarantee that customers can confidently purchase life insurance, knowing that their insurer will provide assistance when needed.