New General Insurance Code of Practice: Strong take up of Code update shows industry support of self-regulation
Prue Willsford
The Australian and New Zealand Institute of Insurance and Finance (the Institute) has received unprecedented interest in a tailored update for insurance professionals following the launch of the new General Insurance Code of Practice.
The new Code, launched by the Insurance Council of Australia last week, is an attempt by the industry to self-regulate to avoid government-enforced regulation. In order to support insurers to implement the Code, the Institute is offering insurance professionals a tailored course on the update.
“The very significant interest in and take up of the Institute’s update of the Code of Practice shows us that the industry not only wants to self-regulate, which is understandable in such a red-tape-heavy industry, but that it recognises the degree of responsibility every insurance professional has in dealing with customers. With the Institute’s role in setting and monitoring professional standards, we are thrilled that the industry is supportive of a Code that is so customer-focused,” said Prue Willsford, CEO of the Institute.
The new Code’s key features include:
- Stronger and more detailed obligations on Code signatories to provide assistance to consumers in financial difficulty
- Clear guidance and timeframes on insurance claims and complaints processes for consumers.
- Specifically written in plain, easy-to-read English
The Institute says insurers have expressed an eagerness to have staff achieve compliance as quickly as possible despite a one-year transition period to the new Code.
