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Monday, February 4, 2013

Review of the Australian General Insurance Code of Practice

Insurance website insuranceNEWS.com.au have published a report (here) on responses to date on an issues paper released by Ian Enright, the independent reviewer of the General Insurance Code of Practice. The review website is here.

Issues raised to date are covered in the article under the following headings, with my brief summary in brackets:

  • Product simplification (insurers don't want to be regulated into product simplification).
  • Total replacement cover (insurers don't want to be forced into making total replacement cover more widely available - it should be their choice).
  • Notification of dispute resolution systems (insurers don't want to be required to advise claimants of disputes procedures at the point that a claim is made).
  • Insurance Code presentation (general agreement the code needs to be tidied up but debate over whether membership should be mandatory).
  • Selling agents and brokers (disagreement as to how widely the code should apply in the insurance industry and how the arguably dubious activities of some selling agents, assessors and loss adjusters are best handled).
  • Code breaches (disagreement on naming and shaming those being investigated for breaching the code, but general agreement that penalties should be applied).

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