A consultation paper released as part of the General Insurance Code of Practice review seeks feedback on issues including enforceability and measures to help customers facing financial hardship and vulnerability. 

The independent three-member review panel, chaired by former Australian Prudential Regulation Authority deputy chair Helen Rowell, is encouraging public input on a range of questions before its first report due by the end of June. 

“Stakeholders are also invited to make submissions as to whether the provisions of the code could be adjusted to improve insurers’ response to catastrophes, as this is connected to the areas covered in the review,” Ms Rowell said. 

“Customer protections is our top priority, and we will carefully consider all submissions received.” 

The review, which is updating the 2020 version of the code, was launched in November and must deliver a final report by the middle of next year. It includes how the code interacts with existing laws, with a number of regulatory changes introduced since the previous version as a result of the Hayne royal commission. 

The Insurance Council of Australia has said it will submit the updated code to the Australian Securities and Investments Commission for approval.  

It has encouraged individuals, small business owners, consumer advocates, regulators, the Australian Financial Complaints Authority, the Code Governance Committee and general insurers to contribute to the review. 

“The public’s input is crucial in shaping the future of the code and ensuring it remains effective in addressing the challenges faced by Australians,” CEO Andrew Hall said. 

Submissions are due by May 31.  

See Analysis.