CommInsure supports and welcomes the Life Insurance Code of Practice (the Code), released by the Financial Services Council (FSC).
The Code has been designed to raise the customer service standards in the Australian life insurance industry and protect the rights of policyholders.
CommInsure Executive General Manager, Helen Troup, said the Code shows our commitment to improving life insurance standards for the benefit of all Australians.
“CommInsure is proud to support the Life Insurance Code of Practice, the industry’s first mandatory code. It will ensure that as an industry we are being open, fair and honest to our customers as we continue to help them in protecting their family and lifestyle against the unexpected.”
The Code was voluntarily developed by the life insurance industry, through the FSC, to:
- promote high standards of service to consumers
- provide a benchmark of consistency within the industry
- establish a framework for professional behaviour and responsibilities.
The Code sets out timeframes for insurers to respond to claims, complaints and requests for information from customers and is monitored by an independent committee to ensure effective compliance by life insurers. Insurers can be sanctioned if they do not correct breaches of the Code.