A review of the voluntary Life Insurance Code of Practice will start on October 1, focusing on the effectiveness of changes made to its rules and standards in 2023.

The Council of Australian Life Insurers says Peter Kell will lead the independent review and provide a final report by June 30.

Mr Kell has served as deputy chair of the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission. He was also CEO of consumer group Choice.

CALI CEO Christine Cupitt says the review aims to be thorough, inclusive and credible.

“Peter Kell is uniquely qualified to lead this review,” she said. “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.

“This review is an important opportunity to hear from the community, consumer advocates, regulators and the industry, to ensure the code remains strong, relevant and trusted.”

A consultation paper will be published on October 17, with submissions open until December 15.

The review’s terms of reference say matters to be covered include effectiveness of provisions relating to customers with mental health conditions; whether claims handling provisions remain appropriate; and enforceability of commitments under the code.

Zurich Financial Services Australia CEO Justin Delaney said: “The decision to review the code and the industry’s intention that it be registered with the regulator underline a commitment to continually improving and achieving positive customer outcomes.”

The updated code is expected to be implemented by October 1 2027, according to Zurich.