FSC Draft Life Insurance Code of Practice
On Wednesday 18 August 2021, the FSC released the draft Life Insurance Code of Practice 2.0 for public consultation following an independent re-structure and plain English rewrite. We want to ensure that the Code is as easy to read, and as easy to navigate for everyday Australians as possible. Download a copy of the draft Code here and the media release here. Please note, this consultation has now closed.
About the Code
The Life Insurance Code of Practice 2.0 is mandatory for all FSC member life insurers. The Code provides significant consumer protections across all dealings that people have with life insurance companies. It is monitored and enforced by the independent Life Code Compliance Committee (LCCC) which is administered by the consumer complaints body, the Australian Financial Complaints Authority (AFCA).
Feedback on the draft Code was required by Wednesday 29 September 2021. Over the coming weeks we intend to publish feedback received, along with a formal response.
The FSC would like to thank the organisations that made a submission in response to this consultation period. The following were received with permission to make them public.
Australian Financial Complaints Authority (AFCA)
Financial Rights Legal Centre (FRLC), Consumer Action Legal Centre (CALC) & Redfern Legal Centre (RLC)
Life Code Compliance Committee (LCCC)
Medical Insurance Group Australia (MIGA)
National Mental Health Commission (NMHC)
Public Interest Advocacy Centre (PIAC)
Royal Australian College of General Practitioners (RACGP)
Royal Australian and New Zealand College of Psychiatrists (RANZCP)
To access previous Code submissions, click here.