The Council of Australian Life Insurers (CALI) has announced that Peter Kell (pictured left) will oversee an independent review of the Life Insurance Code of Practice, commencing on Oct. 1.
The code, which sets out mandatory standards for life insurers in areas not fully covered by legislation, is designed to guide practices such as product development, claims processing, and the management of customer complaints.
The upcoming review is intended to ensure that the code remains relevant to current consumer needs, aligns with evolving legal requirements, and is accessible for both industry professionals and policyholders.
Peter Kell, who has held senior roles at both the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC), will lead the review.
His background includes significant experience in financial services regulation, consumer protection, and policy development.
Kell has also served as CEO of CHOICE and currently chairs the Financial Counselling Industry Fund.
“Peter Kell is uniquely qualified to lead this review," said CALI CEO Christine Cupitt (pictured right). "Peter’s deep expertise in industry codes and self-regulation – together with his clear commitment to improved consumer outcomes in financial services – will be invaluable in strengthening the Life Code for the benefit of customers and the life insurance industry alike.”
Cupitt added that the review will be comprehensive and will seek input from a broad range of stakeholders.
“The Life Code is a cornerstone of how the industry commits to treating Australians fairly. This review is an important opportunity to hear from the community, consumer advocates, regulators, and the industry to ensure the code remains strong, relevant, and trusted,” she said.
Kell stated that gathering input from diverse perspectives will be essential for the review’s effectiveness.
“Broad feedback will be critical to the success of the review and will help ensure the Life Code evolves to meet emerging challenges,” he said.
Zurich Financial Services Australia has expressed support for CALI’s decision to review the code.
Zurich CEO Justin Delaney said that the code plays a central role in guiding insurer conduct.
“The code plays an important role in holding insurers to a high standard with our customers across the entire process, from how products are designed and sold, through to the claims experience,” he said. “The decision to review the code and the industry’s intention that it be registered with the regulator underline’s a commitment to continually improving and achieving positive customer outcomes.”
He added that Zurich intends to participate in the review and contribute to the development of updated standards.
The Life Insurance Code of Practice was first introduced in 2016 and underwent its most recent revision in July 2023, which included updates on sales practices, underwriting, premium disclosures, claims management, mental health, support for vulnerable customers, sanctions, and enforceable provisions.
The revised code is expected to come into effect on Oct. 1, 2027, following the completion of the current review.
A dedicated website, www.lifecodereview.org.au, has been launched to provide updates on the review process, including key dates and opportunities for public input.
CALI will release a consultation paper on Oct. 17, with submissions accepted until Dec. 15.
Engagement with stakeholders will continue into early 2026, and the final report is scheduled for delivery by June 30, 2026. The report will be made public later in the year.
In parallel with the code review, CALI is calling on the federal government to expedite legislation that would prevent life insurers from using genetic test results in underwriting decisions.
This request follows ongoing discussions between insurers, policymakers, and other stakeholders regarding the appropriate use of genetic information in insurance.
