2020 General Insurance Code of Practice to be reviewed – ICA
The first phase will address general topics not directly related to the 2022 floods.
An Independent Review of the 2020 General Insurance Code of Practice will be conducted by a three-person panel, including former APRA Deputy Chair Helen Rowell (panel chair), consumer expert Gerard Brody, and industry expert Paul Muir, the Insurance Council of Australia (ICA) said in a release.
The review, mandated every three years, will focus on maintaining and enhancing consumer protections, Code modernisation, enhancing customer experience, accessibility, effectiveness, and efficiency, and providing customer value.
The first phase will address general topics not directly related to the 2022 floods, with initial findings and recommendations due by 30 June 2024. The second phase, focusing on flood-related topics, will deliver findings by 30 June 2025, aligning with recommendations from the Federal Parliamentary Inquiry into insurers' responses to the 2022 floods.
The panel will also consider a key recommendation from Deloitte's review of the insurance industry's response to the 2022 floods regarding reworking the Extraordinary Catastrophe definition in the Code of Practice.