CALI appoints Peter Kell to spearhead life | Australian Markets

The Council of Australian Life Insurers (CALI) has appointed former deputy chair of the Australian Securities and Investments Commission (ASIC), Peter Kell, to conduct an unbiased review of the Life Insurance Code of Practice (Life Code).

Set to begin from 1 October, the review will affirm the Life Code stays up-to-date and in alignment with the insurance coverage wants of Australians and associated legal guidelines and laws, in addition to clear and simple.

“The Life Code is a cornerstone of how the industry commits to treating Australians fairly,” CALI chief government, Christine Cupitt, stated.

“This review is an important alternative to hear from the group, shopper advocates, regulators, and the industry to make sure the Code stays sturdy, related, and trusted.

“Peter Kell is uniquely qualified to lead this review. Peter’s deep expertise in industry codes and self-regulation, together with his clear commitment to improved consumer outcomes in financial services, will be invaluable in strengthening the Life Code for the benefit of customers and the life insurance industry alike.”

Kell boasts over 20 years of senior management expertise in financial providers regulation and coverage, having beforehand held the positions of Deputy Chair of each ASIC and the Australian Competition and Consumer Commission (ACCC) and CEO of shopper advocacy group, CHOICE. Kell is at present the Chair of the Financial Counselling Industry Fund.

“Broad feedback will be critical to the success of the review and will help ensure the Life Code evolves to meet emerging challenges,” he stated.

Australian life insurance coverage company, Zurich Australia, welcomed CALI’s announcement of the review.

“The Code plays an important role in holding insurers to a high standard with our customers across the entire process, from how products are designed and sold, through to the claims experience,” Justin Delaney, Chief Executive Officer at Zurich, stated.

“The choice to review the Code and the industry’s intention that it’s registered with the regulator underline’s a dedication to regularly bettering and reaching constructive buyer outcomes.

“Zurich looks forward to working with Mr Kell and the broader industry on this important task and contributing to evolving the critical safeguards the Code provides to customers.”

According to Zurich’s assertion, the Life Code was final revised and up to date in 2023, making a vary of adjustments to gross sales, underwriting, premium disclosures, claims, mental health, weak prospects, sanctions, and readability on navigating the Code, in addition to introducing new enforceable provisions.

Once the review will get underway, a session paper will probably be launched on 17 October and submissions from the public will probably be welcomed till 15 December. The last report is scheduled to be delivered to CALI by 30 June 2026, earlier than will probably be made accessible to the public later subsequent yr. This will permit for the new Life Code to be carried out by 1 October 2027.