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General Insurance Code Of Conduct

Recent Developments 2005

General Insurance Code of Conduct.

In consultation with the insurance industry as well as consumer and business representatives,

the insurance council of Australia has developed a General Insurance Code of Practice.

The new code of practice covers all types of general insurance for individuals and

business but does not cover workers compensation, compulsory third party, medical

indemnity and marine insurance.

The Code requires general insurers to:

Meet agreed timeframes for handling claims or responding to complaints. For

example once all the relevant information for a claim is received and no further

assessment is required, a decision will be made and the claimant notified within 10

working days

Fast-track claims or make advance payments when customers show they are in

financial hardship as a result of the damage or loss leading to their claim

Enable claims arising from a natural disaster to be reviewed after they have been

settled, recognising that communities are often traumatised when they assess their

losses

If insurers are unable to provide cover, give reasons for the decision and they will

refer customers to another insurer, the Insurance Ombudsman Service or the National

Insurance Brokers Association (NIBA) for further information about insurance

options

Provide better and clearer information to consumers regarding what is covered in

their policies

Handle disputes and rectify mistakes in a transparent and efficient manner and in a

specified time.

Compliance with the code will be monitored by the independent Insurance Ombudsman

Service to which consumers will be encouraged to contact if they feel their insurer has

breached the code.

Source: Insurance Council of Australia media release dated 18/7/2005.

General Insurance Code Of Conduct