Insurance Code of Practice Review

The Insurance Council of Australia (ICA) has launched a review of the General Insurance Code of Practice to ensure it keeps pace with recent developments affecting the industry.

The Code, introduced in 1994 and previously reviewed four times, commits insurers to mandatory standards of service above and beyond their statutory obligations.

All ICA members offering products covered by the Code are signatories to the document, which is monitored and enforced by the independent Code Governance Committee.

ICA CEO Rob Whelan said: “The Code is a living document that evolves to remain the benchmark for industry self-regulation in Australia. Though it remains fit for purpose following a thorough review in 2012, external developments mean that a more focused review is now merited.

To read the full media release on the review and other associated documents please click here.