Income Protection Insurance Australia :: News
SHARE

Share this news item!

Kell to Lead Comprehensive Review of Australia's Life Insurance Code

Kell to Lead Comprehensive Review of Australia's Life Insurance Code

Kell to Lead Comprehensive Review of Australia's Life Insurance Code?w=400
Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023.
The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year.

Kell brings a wealth of experience to the role, having previously served as deputy chair of the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC). His past role as CEO of consumer advocacy group Choice further attests to his suitability for the task.

The CALI, under the leadership of CEO Christine Cupitt, emphasises that the review aims for thoroughness, inclusivity, and credibility. Cupitt highlighted Kell’s extensive expertise in industry regulations and self-regulation and noted his clear dedication to enhancing consumer outcomes within financial services. Kell is expected to significantly strengthen the life insurance code to better serve customers and the industry.

This review opens a dialogue with the community, consumer representatives, regulators, and industry participants, ensuring the code remains robust, relevant, and trustworthy. A consultation paper will be published on October 17, with an invitation for submissions until December 15.

Key issues to be scrutinised include the code's provisions for customers with mental health conditions, the appropriateness of claims handling processes, and the enforceability of commitments under the code. These considerations are outlined in the review’s terms of reference.

Justin Delaney, CEO of Zurich Financial Services Australia, underscored the review's importance, stating that it reflects the industry's commitment to continuous improvement and achieving favourable outcomes for customers. He noted the intention to register the code with a regulatory body, highlighting a proactive approach to regulation.

The revised code is anticipated to come into force by October 1, 2027, representing a significant step in fortifying the framework governing life insurance practices in Australia.

Published:Friday, 1st Aug 2025
Source: Paige Estritori

Share this news item:

Insurance News

Kell to Lead Comprehensive Review of Australia's Life Insurance Code Kell to Lead Comprehensive Review of Australia's Life Insurance Code
01 Aug 2025: Paige Estritori

Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023. The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year. - read more
AFCA Sides with Insurer in Pet Injury Dispute AFCA Sides with Insurer in Pet Injury Dispute
31 Jul 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has upheld PetSure's decision to cap their payout at $2,600 for a dog's medical costs, settling a dispute over pet insurance claims. The dog's accidental injury involved a ruptured cranial cruciate ligament, requiring approximately $6,500 in veterinary care, including surgery. Although the owners' claim was initially accepted, it was limited under the policy's annual sublimit for cruciate ligament conditions. - read more
Reviving Australia's Troubled Insurance Industry: Opportunities and Challenges Reviving Australia's Troubled Insurance Industry: Opportunities and Challenges
30 Jul 2025: Paige Estritori

Australia's retail life insurance sector is facing significant challenges despite generating approximately $9.4 billion in annual premiums. Upon closer examination, it's evident that this industry is under strain. Growth is primarily driven by price increases rather than the addition of new clients, signalling concerns for long-term sustainability. New business growth hovers around 8-9% annually, not enough to adequately bolster the sector. - read more
NSW Government Warns of Financial Impact from Stall in Workers' Compensation Reform NSW Government Warns of Financial Impact from Stall in Workers' Compensation Reform
29 Jul 2025: Paige Estritori

The New South Wales government has issued a stark warning regarding potential financial consequences if proposed reforms to workplace mental injury laws are delayed further. As an upper house committee gathers to discuss these changes, Treasurer Daniel Mookhey highlights the urgency, stating that setbacks will result in increased premiums. - read more
AFCA Rejects Traveller's Insurer Claim for Alternative Flight Costs AFCA Rejects Traveller's Insurer Claim for Alternative Flight Costs
25 Jul 2025: Paige Estritori

An Australian travel insurance policyholder faced disappointment as the Australian Financial Complaints Authority (AFCA) denied their claim for reimbursement of costs incurred due to changing travel plans amid threats of a pilot strike. The traveller, who rearranged his flights from Sydney to Vancouver and subsequently to Toronto, had hoped his insurer, AIG Australia, would cover the $5,576 expenses for the rebooked flights and additional accommodation. - read more
Fee Models Emerge as Solution to Cyclone Insurance Affordability Concerns Fee Models Emerge as Solution to Cyclone Insurance Affordability Concerns
25 Jul 2025: Paige Estritori

The affordability of cyclone insurance in Australia’s high-risk zones remains a pressing issue, prompting some brokers to shift towards fee-based models. This change is highlighted in the latest annual review of the cyclone reinsurance pool from the Australian Competition and Consumer Commission (ACCC). - read more



Life Insurance Articles

Benefit and Wailting Periods: Choosing the Right Combination for Maximum Protection and Value Benefit and Wailting Periods: Choosing the Right Combination for Maximum Protection and Value
In Australia, income protection insurance stands as a vital safeguard for professionals, ensuring security during times of unexpected illness or injury. It acts as a financial buffer, providing a percentage of your regular income, so you can maintain your lifestyle without the stress of lost earnings. - read more
Understanding Your Policy: Key Terms That Impact Your Insurance Claim Outcome Understanding Your Policy: Key Terms That Impact Your Insurance Claim Outcome
Welcome to the beginning of your journey through the maze of insurance policy terms and conditions. For many Australians, navigating through an insurance policy can be as daunting as trying to understand a legal document. That's because, in a way, it is one. This section is designed to set the foundation for a comprehensive understanding of the key terms that impact your insurance claim outcomes. - read more
Dispelling the Myths: Why Income Protection is More Accessible Than You Think Dispelling the Myths: Why Income Protection is More Accessible Than You Think
Income protection insurance serves as a financial safety net, designed to support individuals in the event that they are unable to work due to illness or injury. The significance of this type of insurance lies in its ability to provide a continuation of income during tough times, ensuring that one's financial responsibilities are taken care of. - read more
Decoding the Fine Print: What to Look out for in Your Income Protection Policy Decoding the Fine Print: What to Look out for in Your Income Protection Policy
Income protection insurance serves as a vital safety net for Australian workers, ensuring financial stability in the face of unexpected illness or injury. As the landscape of work and health continues to evolve, understanding the essentials of income protection becomes increasingly crucial for anyone who relies on a steady income to support themselves and their loved ones. - read more
Making Sense of Income Protection Insurance: A Must-Read Comparison for Australians Making Sense of Income Protection Insurance: A Must-Read Comparison for Australians
When life throws unexpected challenges our way, the assurance of financial stability can be a beacon of hope amidst the uncertainty. For many Australians, income protection insurance is that beacon, safeguarding their livelihood and providing a crucial safety net when they need it most. It's more than just a policy; it's a strategic step towards longer-term peace of mind. - read more
The Myth of Unaffordability: How to Find Value in Income Insurance Policies The Myth of Unaffordability: How to Find Value in Income Insurance Policies
Income protection insurance is often surrounded by the myth of being unaffordable, deterring many Australians from safeguarding their most valuable asset—their ability to earn. This introduction aims to address this misconception head on, revealing the real value that income insurance policies can provide. It is crucial to understand that the cost of such a policy pales in comparison to the potential financial hardship faced without one. - read more

Start Here !
disability protection
Apply now for your free Insurance assessment and price comparisons!

Start Here

Monthly Income Benefit:
Postcode:

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Loss of Use:
Insurance coverage that pays for the additional living expenses if your home is uninhabitable due to a covered loss.