Who must comply with Life Insurance Code of Practice 2.0?

FSC member life insurers bound by Code 2.0 (commenced 1 July 2023).

Life Insurance Code of Practice 2.0 — sales standards, medical evidence requirements, claims timeframes, mental health, vulnerable customers. Life CCC + AFCA enforce.

Applies only if you are a life insurer subscribing to the FSC Life Insurance Code. Whether it applies turns on a fact that no industry, structure or size settles on its own.

How the regulator frames it: FSC member life insurers.

What triggers it: Customer relationship + claim lodgement.

Jurisdiction: Commonwealth law, so the test is the same in every state and territory.

Outcome across the 35 industries Rules Mate maps (35 of 35: no).

The answer is the same in every industry: no. Industry does not change who must comply.

Structure does not change the answer across all industries: for every structure the answer is "no".

Size does not change the answer across all industries: at every size band the answer is "no".

Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:

• Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires a trigger outside this questionnaire.

The engine shows this obligation as "check whether this applies" when a business has industry: General insurers and APRA regulation. It then applies only if you are a life insurer subscribing to the FSC Life Insurance Code. That fact is not something Rules Mate can infer from industry, structure or size.

When due

Ongoing.

Frequency

Ongoing

Evidence to keep

Compliance framework, CCC reporting, customer outcome data.

In force from

1 July 2023

Status

Current

Priority

High

No maximum penalty is recorded for this obligation in the Rules Mate corpus; check the regulator source below.

Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.

• Comply with claims handling + settling as a financial service (s 766A): From 1 January 2022, insurance claims handling is a financial service requiring AFSL authorisation.
• Comply with General Insurance Code of Practice (ICA): ICA Code binds member insurers on conduct + claims + complaints.
• Comply with Private Health Insurance Act 2007 + APRA rules: Private health insurers regulated by APRA + PHIO; community rating, complaints + claims rules apply.
• General Insurance Code of Practice 2020: ICA member insurers bound by service standards + claims handling timeframes.
• Manage business interruption claim definitions (post-pandemic precedent): BI insurance policies must clearly define pandemic exclusions per Federal Court guidance.

Rules Mate tracks 8 published obligations tagged "insurance", 1 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 0 of those apply outright. This obligation is rated high priority, and is an ongoing duty.

Regulated by Australian Securities and Investments Commission.

ASIC: Corporate regulator administering the Corporations Act, financial services and credit licensing (AFSL/ACL), markets supervision, insolvency, and registries (ASIC and ABRS).

• Australian Securities and Investments Commission

Free tools that help with this obligation:

• Compliance calendar builder