Thursday, December 9, 2021

The ICA has launched a campaign for a new General Insurance Code of Practice

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Andrew Hall, Chief Executive Officer of ICA, said: “The General Insurance Code of Practice sets out the standards that insurers agree to meet when interacting with their customers and the insurers’ commitment to openness, fairness and honesty in their dealings with customers.

“The new code contains many new and updated commitments that put customers at the center of transactions with insurers.”

Read more: The ICA welcomes the verdict in the case of the second Covid-1B BI test

The new code was launched on July 01, 2021. However, earlier this month it was further amended to bring it in line with the Australian Securities and Investment Commission.ASICRegulatory guidelines for the settlement of internal disputes.

Its new customer-centric provisions include:

  • Prohibition for significant code violations up to 100,000 in the form of community benefit payments;
  • Independent implementation of the Code through the Governance Committee;
  • A comparison of costs between the new and previous policies in the renewal notice;
  • Responsibility for quality repair work adopted by insurers;
  • Orderly complaint process;
  • Mandatory criteria for claims investigators;
  • Clear deadlines for responding to claims, complaints and information requests; And
  • Cash settlement is better understood.

In addition, the new code ensures that customers receive useful information to navigate key aspects of the claims management process, such as understanding work areas and cash settlement for home construction policies.

Hall said: “Insurers are committed to providing customers with information about their rights under the new code, so for the first time we are running a campaign for this opportunity.”

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