The introduction of the latest version of the General Insurance Code of Practice was one of the main topics of discussion on the latest Insurance News podcast.

The document, which has come into effect following a lengthy process and a coronavirus delay, includes sanctions of up to $100,000 for significant breaches and strengthens a number of protections for policyholders.

The revamp is the fifth update of the code, introduced in the mid 1990s, and the most recent significant rewrite reflects changes in community expectations and attitudes.

“This latest version is hardly recognisable when you compare it with the first,” Insurance News Publisher Terry McMullan says.

“It is the most far-reaching in helping to meet those changes and I think as Australia continues to evolve the industry is going to keep the code in sync with that evolution.”

This week’s edition of INsight, hosted by Insurance News Managing Director Andrew Silcox, features the observations of Mr McMullan and Deputy Editor Wendy Pugh.

The podcast also discusses completion of the Allianz deal to acquire the Westpac general insurance arm and a number of issues related to the COVID-19 pandemic.

That includes impacts on complaints received by the Australian Financial Complaints Authority, class actions launched against insurers over business interruption cover and the new professional indemnity scheme for healthcare professions delivering the COVID-19 vaccine rollout.

You can find a new episode of INsight published here each week.