The new Code of Practice came into effect on 1 July 2021 and was recently updated on 5 October 2021. Show
What is the General Insurance Code of Practice?The General Insurance Code of Practice was introduced in 1994 by the Insurance Council of Australia as a voluntary Code and it has been regularly reviewed and updated. It sets out the standards that general insurers must meet when providing services to their customers, such as being open, fair and honest. It also sets out timeframes for insurers to respond to claims, complaints and requests for information from customers. The Code is intended to be a positive influence across all aspects of the general insurance industry including product disclosure, claims handling and investigations, relationships with people who are experiencing vulnerability, and reporting obligations. Useful infoKey benefitsPlain English and easy to understandGreater support for those experiencing vulnerability and financial hardshipStrengthened sanctionsMandatory processes for claim investigatorsCode of Practice guidance documentsA: Each party to the insurance contract – the policyholder, the insurer and a third party beneficiary (a person who is entitled to the benefits of the insurance policy) – must act with fairness, decency and fair dealing as well View
full answer A: Retail Insurance means a general insurance product that is provided to, or to be provided to, an individual or for use in connection with a Small Business, and is one of the following types: a. a motor vehicle insurance View full answer Suggestions: Buying insurance, Financial hardship, Complaints The Life Insurance Code of Practice (the Code) requires life insurers, friendly societies that offer life insurance products and other industry participants, who have adopted the Code to provide services to their
customer of a high standard and in a timely, honest, fair and transparent way. The Code aims to improve standards of service and practice in the Australian life insurance industry. Life insurers that adopt the code have formally agreed to be bound by its standards. The Code’s standards apply to many features of a customer’s relationship with their insurer including when buying insurance, what to expect when making a claim, including timeframes for making a claim decision, and
processes for making complaints. The Code is owned and published by the Financial Services Council (FSC) and forms an important part of the broader financial services customer protection framework. All life insurance companies which are FSC members are required to be compliant with the Code by 1 July 2017. Life Insurance Code of Practice The Life Insurance Code of Practice covers many aspects of a customer’s relationship with their life insurer, from buying insurance to making a claim, to customers requiring additional support and standards for third parties dealing with underwriting or claims. The Code covers Life Insurance Policies issued in the Australian market. Life Insurance products covered by the Code include: The Code does not apply to: The Code does not apply to life insurance products issued by: Code subscribers are listed on the
Life Code Compliance Committee register of life insurers bound by the code. The Life Insurance Code Compliance Committee (Life CCC) independently monitors the Code to ensure life insurance companies are meeting their obligations, and achieving service standards consumers can trust. The
Code Compliance and Monitoring team (Code Team) at the Australian Financial Complaints Authority (AFCA) provides code monitoring, secretariat and administrative services to the Committee. The Code Team is a separately operated and funded business unit of AFCA. Find out more
about Codes of Practice. The role of the Life Insurance Code Compliance Committee is to ensure companies that have adopted the Life Insurance Code of Practice comply with it. It does not provide compensation. If you are seeking compensation, talk to your
financial firm or make a complaint with AFCA. If you believe a company may have breached the Life Insurance Code of Practice, you can report your concern by emailing the Code Team or calling 1800 931 678 and asking to speak with the Code Team Investigations Manager. |
Which of the following is not a part of the insurance industry Code of Ethics
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