Loss adjusters seek insurance code upgrade
Loss adjusters want minimum standards set in the General Insurance Code of Practice for everyone handling insurance claims.
In a submission to the review of the code, the Australasian Institute of Chartered Loss Adjusters (AICLA) says it’s concerned that some loss adjusting service providers such as builders and tradespeople may fall short on insurance product knowledge, insurance-related law and self-regulation, including the code.
The review was announced by the Insurance Council of Australia (ICA) on June 1.
“Customers may miss entitlements under a policy that they may otherwise have been eligible to receive,” AICLA says in its submission.
AICLA wants standards for service providers to be as high as those required of insurance company claims staff.
The association’s Administrative Officer, Tony Libke, says higher standards would lift the industry and everyone would gain from that.
“We’re confident that we have a really strong case,” he told insuranceNEWS.com.au. “We’re meeting with the independent reviewer Robert Cornall on July 27 and we’ll be putting our case to him.”
The current General Insurance Code of Practice has been in force since July 2006. It was first developed and launched by ICA in 1994 and revised in 2005.
It is monitored and enforced by the Financial Ombudsman Service.
In a submission to the review of the code, the Australasian Institute of Chartered Loss Adjusters (AICLA) says it’s concerned that some loss adjusting service providers such as builders and tradespeople may fall short on insurance product knowledge, insurance-related law and self-regulation, including the code.
The review was announced by the Insurance Council of Australia (ICA) on June 1.
“Customers may miss entitlements under a policy that they may otherwise have been eligible to receive,” AICLA says in its submission.
AICLA wants standards for service providers to be as high as those required of insurance company claims staff.
The association’s Administrative Officer, Tony Libke, says higher standards would lift the industry and everyone would gain from that.
“We’re confident that we have a really strong case,” he told insuranceNEWS.com.au. “We’re meeting with the independent reviewer Robert Cornall on July 27 and we’ll be putting our case to him.”
The current General Insurance Code of Practice has been in force since July 2006. It was first developed and launched by ICA in 1994 and revised in 2005.
It is monitored and enforced by the Financial Ombudsman Service.