Life Insurers Report Thousands of Code Breaches in 2025-26 Financial Year
What happened
During the 2025-26 financial year, life insurers reported 10,697 breaches of the Life Insurance Code of Practice, impacting 27,289 customers. The Life Code Compliance Committee sanctioned two insurers for serious non-compliance. Issues included claims handling delays, benefit payment delays, and collecting medical information without valid consent.
Why it matters
The committee flagged claims handling and customer communication as recurring industry problems. Because the Life Code Compliance Committee does not publicly name sanctioned insurers, brokers and financial advisers lack the information needed to factor compliance performance into product recommendations.
Who's involved
- CCCA company that operates within Australia.
- Anthony WilsonHolds the formal office of Commissioner for CCC.
- Elliott Investment ManagementAcquired a significant stake in CCC.
- United States Department of WarHas a five-year contract with CCC for the supply of T400 engine parts.
- CaliberLeverages CCC's solutions to support its expansion efforts.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Elliott Investment ManagementSpeculative
Elliott Investment Management could face increased investment costs if CCC's systemic regulatory failures increase compliance risk.
- CaliberSpeculative
Caliber might face increased operational costs if the regulatory environment affecting CCC changes.