The Insurance Council of New Zealand (ICNZ) has established a committee to monitor compliance with its revised Fair Insurance Code, which takes effect from January 1.

CEO Tim Grafton will chair the group, with former governor-general Anand Satyanand, David Caygill and David McGee appointed as members.

The revised code includes timeframes for addressing claims and complaints, plus a requirement for insurers to respond reasonably to any non-disclosure of material information.

The compliance committee will rule on breaches, and if it cannot agree a solution with the insurer it can report the matter to the ICNZ board.

The board can impose a maximum fine of $NZ100,000 ($89,513), reprimand members or expel them from the council.

Sir Anand has been a judge, ombudsman and legal practitioner.

Former cabinet minister Mr Caygill retired from politics in 1996, and has since held a range of senior governance roles. He was the peer reviewer for the Fair Insurance Code.

Dr McGee was appointed an ombudsman in 2007 after 22 years as Parliament’s clerk of the house.

“I am delighted that such high-calibre individuals who bring a vast amount of skills and experience have joined the code compliance committee,” Mr Grafton said.