Media Statement

New ownership for the Life Insurance Code of Practice.

29 September 2023

The Life Insurance Code Compliance Committee (LCCC) welcomes the Council of Australian Life Insurers (CALI) as the new owner of the Life Insurance Code of Practice.

From today, CALI assumes ownership of the Code, taking over from the Financial Services Council (FSC), which held ownership from its inception in 2017.

The transfer of ownership does not disrupt how the Code applies to the life insurers that subscribe to it or how we monitor compliance.

We extend our appreciation to the FSC for its stewardship of the Code as owner. The FSC oversaw the initial development of the Code as well as its recent review and improvements. The FSC’s commitment and cooperation were fundamental to the success of the Code.

As we begin a new chapter in the life of the Code, we remain steadfast in our aims to ensure it delivers on its promises to customers across Australia.

Our work monitoring Code compliance continues unabated as we promote practices that lead to positive outcomes for the thousands of customers who place their trust in the life insurance sector.

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About the Life Insurance Code Compliance Committee (Life CCC)

The Life Code Compliance Committee (LCCC) is an independent body that monitors compliance with the Life Insurance Code of Practice to improve the service standards in the Australian life insurance industry. It reports on compliance with the Code and works collaboratively to improve standards and promote better practices among life insurers.