The initial phase of the General Insurance Code of Practice review has been completed, with the release of an issues paper and a call for submissions.

The independent reviewer, financial services lawyer Ian Enright, began the review in July through a series of stakeholder consultations.

He says three key factors make the review particularly important – so much so it was brought forward a year.

“First, the natural disasters of 2010 and 2011 caused exceptional and distressing loss in our communities,” he said. “There have been a number of inquiries into those disasters and the role of insurance in paying claims and helping our communities to recover has been highlighted.

“Second, insurers continue to operate in a competitive market and are experiencing volatility in their underwriting results, and uncertain returns on their investment portfolios.”

“Third, the speed and scale of legal and regulatory changes affecting the industry are greater than they have ever been.”

The issues paper seeks feedback on 110 questions relating to 17 key areas.

Questions include such issues as whether the code is adequately promoted, whether it should be extended to apply to all insurers operating in Australia and whether its training and education standards are adequate, along with potential changes to claims handling and communication standards.

Stakeholder workshops and forums on claims handling, dispute resolution, hardship and code governance will also be held.

Submissions on the issues paper are due by November 30, after which Mr Enright will conduct public consultation sessions.

The final report, including any recommendations for changes to the code, will be delivered to the Insurance Council of Australia board in May next year.