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Code review submissions published

Submissions on phase one of the review of the General Insurance Code of Practice have been published online as a panel prepares to release its first report.

The independent three-member review panel, chaired by former Australian Prudential Regulation Authority deputy chair Helen Rowell, asked for submissions after publishing a consultation paper in April.

insuranceNEWS.com.au has reported on various submissions but they can all be viewed here.

The review, which is updating the 2020 version of the code, was launched in November and publication of an initial report was due by the middle of this year. The panel must deliver a final report by the middle of next year.

In its submission, the General Insurance Code Governance Committee says insurers “must do better” as breaches continue to rise.

“This code review provides a critical and timely opportunity to improve practices across the industry and ensure the code reflects a truly progressive conduct model,” the committee says. “It is an opportunity to respond to identified failings and restore trust and confidence in the industry.”

See Analysis.