The Life Code Compliance Committee has issued the first sanction under the Life Insurance Code of Practice, calling out ANZ's OnePath Ltd for failing to implement agreed remedial action.OnePath reported a significant breach of the Code and agreed in November last year to take remedial action, including writing to all customers who purchased non-compliant ANZ Loan Protection Insurance by no later than 31 January.The LCCC says OnePath did not complete its remedial actions in full until several months after the agreed deadline.The breach was first reported in July 2017. The LCCC says taking almost two years to issue the final notification to affected customers was "unreasonable".Further, OnePath Ltd did not stop selling the non-compliant product until February this year - a year and seven months after it reported the breach.ANZ has sold OnePath to Zurich Financial Services Australia. The sale was announced in 2017 but the transaction was completed only last month. The deal involves a 20-year agreement for the distribution of life insurance through ANZ bank channels.The LCCC's inaugural annual compliance report, published earlier this year, said that most companies have work to do on their compliance frameworks.The report said that while subscribers appear committed to improved adherence to the Code, which was introduced in 2016, there was inconsistent quality of data, documentation and processes across the industry.LCCC chair Anne Brown told delegates at a Financial Services Council conference earlier this year that the committee was not confident that all code subscribers had robust compliance frameworks in place. The quality of subscribers' processes appeared to be inconsistent and in some instances poor, Brown said.OnePath's breach was under a section of the code that requires that where an insurer offers consumer credit insurance as an add-on to a loan and offers the option of paying the premium through the loan, it should also offer at least one non-financed payment option, such as a monthly direct debit. OnePath did not offer a non-financed payment option.