Grellman to assist with code
The Insurance Council of Australia (ICA) has appointed NSW Motor Accidents Authority Chairman Richard Grellman to assist in the next stage of consolidation of the General Insurance Industry Code of Practice.
Mr Grellman – who will chair consultation with industry bodies – isn’t the first prominent person ICA has called on for assistance with the code. Last year it enlisted former Australian Securities and Investments Commission (ASIC) Chairman David Knott to assess its draft version.
The draft code, which was open for public consolidation, spawned submissions, with the views of the Australian Consumers Association and ASIC being particularly biting.
Many of these issues were dealt with by Mr Knott in his review. Following the release of the report late last year, ICA said it would accept in principle all of Mr Knott’s 36 recommendations.
ICA says the next state of consolidation, which will focus on implementing Mr Knott’s recommendations, will describe a set of standards for good practice and service governing insurers’ relationship with policyholders.