Terms of Reference

The Terms of Reference for the Review of the General Insurance Code of Practice (Code) are whether the Code:

• Promotes better, more informed relations between insurers and their customers
• Improves consumer confidence in the general insurance industry
• Provides better mechanisms for the resolution of complaints and disputes between insurers and their customers
• Commits insurers and the professionals they rely upon to higher standards of customer service. 

The review must have regard to the following:

• The requirement of insurers to meet the prudential standards established under the Insurance Act 1973
• The fact that insurance contracts and arrangements between customers and insurers are governed by the Insurance Contracts Act 1984, the Corporations Act 2001 and the Australian securities and Investments Commission Act 2001
• The duty of utmost good faith and the fact that the insurance contract is the governing document of the relationship of the customer and insurer
• The need for effective competition and cost efficiency in the general insurance industry, and flexibility in the development and enhancements of products and services for customers.