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, with the opportunity for stakeholders to provide views on Phase 2 early during Phase 1 in recognition of the interconnectivity of issues.
The first phase will focus on general topics that are not directly related to the floods, such as support for vulnerable customers and the interaction between the Code and existing laws, and governance, with initial findings and recommendations due by mid 2024.
The second phase will focus on flood related topics, such as the responses required when a catastrophe occurs.
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