The General Insurance Code of Practice sets out the minimum standards of service and conduct that general insurers must meet in their dealings with customers. The code must be independently reviewed every three years.
The independent review of the 2020 General Insurance Code of Practice will be conducted by former APRA Deputy Chair, Helen Rowell and panel members Gerard Brody and Paul Muir.
The Terms of Reference for the panel set out the review’s overarching principle of maintaining and enhancing consumer protections, along with Code modernisation, enhancement of customer experience, accessibility, effectiveness and efficiency, and providing customer value.
The Review Panel will consult key stakeholders, including the general insurance industry – the Insurance Council of Australia and its members, ASIC, APRA, the General Insurance Code Governance Committee, Code Monitoring Team, AFCA and consumer representatives.
The review of the 2020 General Insurance Code of Practice will be conducted in two phases to align with any recommendations from the Federal Parliamentary Inquiry into insurers’ responses to 2022 floods.
More information on when Submissions can be made will be available in early 2024.
The General Insurance Code of Practice sets out the standards that general insurers must meet when providing services to their customers.
