Joint submission: Life Insurance Code final round of consultation
Financial Rights Legal Centre, Consumer Action Law Centre and Redfern Legal Centre have made a joint submission to the final round of consultation on the review of the Life Insurance Code of Practice (Life Insurance Code).
The Life Insurance Code is overseen by the Financial Services Council (FSC) and contains mandatory customer service standards that apply to all life insurers that are members of the Council.
The review process for the Code has been ongoing since 2018, with consumer representatives (led by Financial Rights) providing detailed feedback at many points in this process. While some feedback has been incorporated by the FSC, significant issues remain in the latest draft Life Insurance Code, especially with respect to the treatment of mental health issues, medical definitions, vulnerability, financial hardship and design issues.
This submission provides commentary on where we believe further changes are still required, and contains a copy of the draft Code with tracked comments highlighting specifically recommended amendments.