The General Insurance Code of Practice is a living document, and the Insurance Council of Australia (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 led the ICA to commission a targeted review of the Code.
External developments that were taken into account as part of the Review process included:
- 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 conducted 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.
The Final Report is available here. In 2017, an Interim Report was released for public consultation and organisations and individuals were invited to provide their feedback. You can find the submissions to the Interim Report here.
Former ASIC General Manager and Managing Director of Cameron Ralph Khoury, Mr Phil Khoury, is providing independent oversight of the Code Review process. His independent oversight report on the Interim report is available here. Mr Khoury will soon provide a further oversight report on the Code Review Final Report.