The Insurance Council of Australia (ICA) has launched a review of the General Insurance Code of Practice (the Code) to ensure it remains relevant and keeps pace with recent developments affecting the industry.
This came about as a result of two current Senate inquiries examining the general insurance industry as well as the Ramsay review of the external dispute resolution framework, the General Insurance Code Governance Committee’s own-motion inquiry into claims investigations and outsourced services and the commencement of the Financial Services Council’s Life Insurance Code of Practice.
The review is examining the following areas:
- standards for employees and authorised representatives;
- standards for service suppliers;
- financial hardship;
- complaints and disputes;
- monitoring; and
- enforcement and sanctions.
The review is also considering whether the Code should be expanded to cover additional areas of insurer behaviour.
For further information, see the ICA’s media release.
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