The report of the General Insurance Code of Practice independent review conducted by lawyer Ian Enright was released by the Insurance Council of Australia (ICA) today.

Mr Enright calls for the Code Compliance Committee to become the Code Governance Body and take a more dominant role in managing the code and its various activities, which would include training and promotion and policy and sanctions. It would also deal with regulators and government.

In a statement attached to Mr Enright’s report, ICA says the council and its members “agree that an enhanced and more independent governance body is an appropriate vehicle for compliance monitoring and sanctions”.

But the council makes it clear it wants to retain the responsibility for developing industry policy, including the content of the code, as well as “the appropriate framework for industry self-regulation under the code”.

It also stakes its claim to maintaining responsibility for financial literacy programs and staff education and training. 

The council says a draft revised code will be released for consultation by October.

“ICA will also consult with its members over the appropriate transition period, to allow the general insurance industry time to put in place new systems and processes and provide proper training to employees and agents on their enhanced responsibilities under the revised code.”

insuranceNEWS.com.au will report fully on the 200-page report, including reactions from stakeholders, in its regular Monday bulletin.

The code report can be viewed here.