The Code is a living document, and the ICA seeks to make improvements as and when required. In addition to formal independent reviews of the Code, the ICA can review the Code on an ad hoc basis in consultation with stakeholders.
Though the ICA believes the 2014 Code is fit for purpose and remains the benchmark for industry self-regulation in Australia, recent external developments impacting the general insurance industry have led the ICA to carry out a targeted review of the Code.
External developments that are being taken into account as part of the Review process include:
- Recently announced Senate inquiries
- The independent review of the financial system external dispute resolution framework
- Relevant ASIC reports and reviews
- The work of the Code Governance Committee
- The findings of the ICA’s Effective Disclosure Taskforce
The ICA is conducting the Review, in consultation with key stakeholders including the Code Governance Committee, the ICA’s Consumer Liaison Forum, the Australian Securities and Investments Commission and the Financial Ombudsman Service. Phil Khoury is providing independent oversight of the Code Review process. His report is available here.