The Financial Services Council (FSC) has released for consultation its second draft of proposed updates for the Life Insurance Code of Practice, which first came into effect on June 30 2016.

FSC says the revised draft takes into account feedback from the first round of consultation as well as recommendations from the Hayne royal commission, consumer advocates and the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the life insurance industry.

The proposed revisions are the first for the code since it was introduced five years ago. The code is mandatory for all life insurance FSC members.

FSC will submit the code for registration with the Australian Securities and Investments Commission under the regulator’s new enforceable code regime after this final round of consultation is completed.

“We have had the code independently re-structured and re-written by plain English experts to ensure that the Code is as easy to read and as easy to navigate for everyday Australians as possible,” CEO Sally Loane said.

“We look forward to working with all stakeholders to ensure the code gives consumers the confidence to get life insurance and trust that it will work as they expect and when they need it.”

A copy of the revised draft code posted on the FSC website says the Life Code Compliance Committee’s “decisions are binding on us”. The committee, which is responsible for the administration and enforcement of the code, had made that recommendation in its submission in the previous round of consultation.

FSC says it will hold a virtual roundtable webinar on September 8 for people who would like to know more about the draft life code. To register, email policy@fsc.org.au.

Closing date for submissions to the second draft is September 29.

Click here for the draft code, how to make a submission, and submissions from the first round of consultation.