Code overhaul to move compliance committee ‘front and centre’
The review of the General Insurance Code of Practice could result in an enhanced role for the Code Compliance Committee, independent reviewer Ian Enright has revealed.
Mr Enright told insuranceNEWS.com.au that the “original ethos of the code has had a subtle shift” and as a result, this review will provide an opportunity to reassess the role of the Code Compliance Committee.
The committee is currently responsible for monitoring overall compliance “to identify serious or systemic issues with regard to the code or its application”, but Mr Enright says he will propose that its role be more “front and centre”, with enhanced independence and additional transparency which he hopes will increase the trust all stakeholders place in the code.
He says while the consultation process hasn’t raised any entirely new issues related to the code, one issue worthy of further consideration is that of access and diversity.
He says that the ability to access insurance by groups such as the aged, mentally ill and migrants who have a limited grasp of English is a “terribly important” issue.
But addressing such issues in the code would be a “significant shift” and not possible in the timeframe remaining for the code review, which is due to report its recommendations in May.