Life Insurance Code of Practice 2.0
FSC member life insurers bound by Code 2.0 (commenced 1 July 2023).
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Who must comply
FSC member life insurers.
What triggers it
Customer relationship + claim lodgement.
When due
Ongoing.
Evidence required
Compliance framework, CCC reporting, customer outcome data.
Max penalty
—
Effective from
1 July 2023
Summary
Life Insurance Code of Practice 2.0 — sales standards, medical evidence requirements, claims timeframes, mental health, vulnerable customers. Life CCC + AFCA enforce.
Enforced by
Topics
insuranceconduct
Related obligations
- CWLTHGeneral Insurance Code of Practice 2020ICA member insurers bound by service standards + claims handling timeframes.
- CWLTHComply with claims handling + settling as a financial service (s 766A)From 1 January 2022, insurance claims handling is a financial service requiring AFSL authorisation.
- CWLTHBanking Code of Practice 2025ABA member banks bound by the Banking Code — fair conduct + dispute resolution requirements.
- CWLTHComply with Private Health Insurance Act 2007 + APRA rulesPrivate health insurers regulated by APRA + PHIO; community rating, complaints + claims rules apply.
- CWLTHComply with General Insurance Code of Practice (ICA)ICA Code binds member insurers on conduct + claims + complaints.
- CWLTHManage business interruption claim definitions (post-pandemic precedent)BI insurance policies must clearly define pandemic exclusions per Federal Court guidance.
Frequently asked questions
- Who must comply with Life Insurance Code of Practice 2.0?
- FSC member life insurers.
- What triggers Life Insurance Code of Practice 2.0?
- Customer relationship + claim lodgement.
- When is Life Insurance Code of Practice 2.0 due?
- Ongoing.
- What evidence is required for Life Insurance Code of Practice 2.0?
- Compliance framework, CCC reporting, customer outcome data.
Source: https://www.fsc.org.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.