Review of the General Insurance Code of Practice
The submission comments on the Interim Report of the Insurance Council of Australia (ICA), dated Novemver 2017, in relation to the Review of the General Insurance Code of Practice (Code), was prepared by the Australia's National Insurance Lawyers Committee of the Legal Practice Section.
The Committee makes submissions on the following:
- Proposal 1: the Code should strengthen standards relating to vulnerable consumers
- Proposal 3: the Code should provide product design and distribution principles and provide guidance to insurers
- Proposal 4: the Code should provide product design and guidance specific to add-on insurance products
- Proposal 5: the Code should strengthen standards relating to third party distributors
- Proposal 6: the Code should strengthen standards relating to Service Suppliers
- Proposal 8: the revised Code should meet the requirements for Australian Securities and Investments Commission (ASIC) approval
The Committee otherwise generally agrees with the approach taken by, and recommendations of, the ICA.
You can read the full submission below.