The Insurance Council of Australia (ICA) has initiated the review process for the 2020 General Insurance Code of Practice (Code) and is urging stakeholders to actively participate by providing feedback through written submissions.
The Code serves as a benchmark for insurers, establishing stringent service standards aimed at fostering fair, transparent, and ethical interactions with both consumers and small businesses.
Comprising an independent three-person panel, the review aims to evaluate the practical implementation of the Code. The panel includes former APRA Deputy Chair Helen Rowell, consumer expert Gerard Brody, and insurance industry specialist Paul Muir.
The overarching objective of the review is to ensure the Code’s continued effectiveness, relevance, and adaptability, thereby safeguarding consumer interests and facilitating optimal outcomes for all policyholders, particularly those who are vulnerable or experiencing financial challenges.
During the initial stage of the review, stakeholders are invited to provide input on several key areas, including customer vulnerability, financial hardship, regulatory engagement, and mechanisms to enhance the enforceability of the Code.
Furthermore, the Independent Review Panel seeks submissions regarding insurers’ response strategies to catastrophic events, acknowledging the interconnectedness of this aspect with the primary focus areas of the review.
Stakeholders are encouraged to submit written feedback by Friday, May 31. All submissions will be meticulously reviewed by the Independent Review Panel with due consideration.
