Life Insurance Code Breaches

A review of complaints has found that Life insurers breached the industry’s own code of practice at least 315 times in just six months. A report said many insurance companies “lacked robust frameworks for monitoring compliance” with the code and criticised the industry for taking far too long to clean up its act. It’s an outcome that looks bad in the eyes of the public and further discredits self-regulation of the industry, helping invite even more government legislated regulation.