AIA welcomes Life Insurance Code of Practice

4 July 2017
| By Jassmyn |
image
image
expand image

Life insurer AIA Australia has welcomed the commencement of the Financial Services Council’s (FSC’s) Life Insurance Code of Practice as of 1 July 2017.

AIA Australia and New Zealand chief executive, Damien Mu, said the code was an important first step in building confidence with Australian consumers.

“The purpose of the code is to provide greater clarity and transparency to deliver a better outcome for life insurance customers, and I am pleased that AIA Australia is fully compliant,” Mu said.

“In the life insurance industry, we need to continually strive to improve. Thus, we need to continue to evolve the code, and ultimately we should look to have it registered with ASIC [the Australian Securities and Investments Commission].”

The code is designed to protect consumers by promoting higher standards of service, setting benchmarks of consistency within the industry and establishing a framework for professional conduct.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 11 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 2 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 6 hours ago