The New Life Insurance Code of Practice will introduce over 50 new important consumer protections that cover every aspect of how customers interact with their life insurer – from the way products are designed, sales, underwriting, communications, and claims. It also has important new protections for customers going through times of vulnerability, financial hardship or experiencing a mental health condition.
The New Life Code has been written in plain-language and structured in a way that makes it easier to read, and easier to navigate. It has been developed in consultation with a broad range of stakeholders including regulators, industry, consumer advocates and community organisations.
Compliance with the New Life Code is mandatory for all FSC life insurance members and will be independently monitored by the Life Code Compliance Committee, which will have increased powers to impose sanctions for any breaches.
The New Life Code better protects consumers and provides confidence that, if they are experiencing hard times or if ever need to make a claim, their life insurer will be there for them.
The FSC is looking forward to working with our life insurance members to implement the New Life Code on 1 July 2023.
To find out more, visit fsc.org.au/life-code
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