FSC Life Insurance Draft Code of Practice 2.0
On 12 November 2018, the FSC released the draft of the new Life Insurance Code of Practice for public consultation. The draft Code will be open for consultation until 31 January 2019.
Click here to download a copy of the draft Code and consultation questionnaire.
The new Code seeks to strengthen sales, underwriting, product design and claims practices. It also includes new binding obligations for Trustees of superannuation funds.
The FSC has been working with regulators, consumer groups, mental health experts and geneticists for more than 18 months to draft the new Code.
The Life Insurance Code of Practice is mandatory for all FSC member life insurers. The Code is enforced by the independent Life Code Compliance Committee which is administered by the new consumer complaints body, the Australian Financial Complaints Authority (AFCA).
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More on the Code
Click here to download a copy of the media release outlining details of the draft Code's launch on 12 November.
Click here to see CEO Sally Loane's introductory remarks from the Roadshow launch event in Sydney on 12 November.