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Have Your Say: Life Insurance Code Review Open for Public Feedback

Interim Report Highlights Areas for Improvement in Life Insurance Practices

Have Your Say: Life Insurance Code Review Open for Public Feedback?w=400

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The independent review of Australia's Life Insurance Code of Practice has reached a pivotal stage, with the release of an interim report inviting public feedback.
This review, initiated on 1 October 2025, aims to ensure the Code remains robust, relevant, and trusted by consumers.

Led by financial sector expert Peter Kell, the review has engaged extensively with the community, consumer advocates, and regulators. The interim report outlines initial observations and recommendations, identifying both strengths and areas for enhancement within the Code.

Mr. Kell expressed gratitude to all contributors, emphasizing the importance of the Life Code in supporting consumers' interactions with life insurers. He highlighted that the input received has been instrumental in pinpointing where the Code is effective and where it requires strengthening.

The next phase of the review seeks further submissions on the interim report's recommendations and poses additional consultation questions. Australians are encouraged to participate in this consultation period, which remains open until 8 May 2026. The final report is expected by 30 June 2026.

The Life Insurance Code of Practice establishes enforceable standards that life insurers agree to uphold, ensuring customers can confidently purchase life insurance, knowing their insurer will provide assistance when needed.

For those interested in contributing to the review, detailed information and the interim report are available on the Council of Australian Life Insurers' website.

Published:Thursday, 16th Apr 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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Knowledgebase
Surrender Value:
The amount of money an insurance policyholder will receive if they voluntarily terminate the policy before it matures.

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