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Zurich welcomes transfer of Life Code to CALI


27 September 2023

Zurich Financial Services Australia (Zurich) today welcomed the forthcoming transfer of ownership of the Life Insurance Code of Practice (LICOP) to the Council of Australian Life Insurers (CALI).

Developed in consultation with life insurers including Zurich, LICOP outlines the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosures, and principles of conduct.

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, said: “The Code represents the life insurance industry’s commitment to protecting customers and continually evolving. As the peak body for life insurers, CALI’s ownership of the Code further underlines this commitment.”

“At Zurich, we take acting in the best interests of our customers seriously and we support maintaining an industry-wide approach that holds all insurers to a high standard. The Code impacts all facets of our customer interactions, from how products are designed and sold, through to the claims experience,” Mr Delaney said.

LICOP was revised and updated in July 2023 and reflects numerous changes since its inception in 2016, spanning sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the code, and the introduction of new enforceable provisions.

Ownership of LICOP will transfer from the Financial Services Council (FSC) to CALI effective 29 September 2023.

Details of the code can be found at: https://zurich.com.au/licop

-ENDS-

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.