I was honoured to be part of the three-person panel to have undertaken an independent review of the GI Code of Practice, as part of the regular 3-year Code continuous improvement cycle.
The panel was chaired by former APRA Deputy Chair Helen Rowell & consumer expert Gerard Brody
We made 101 recommendations, reflecting the rapid change in consumer standards and expectations since the 2020 Code.
The Insurance Council of Australia will undertake a detailed review of the recommendations & engage with members & key stakeholders to prepare a whole-of-industry response in coming weeks.
Some of the recommendations include:
– the expansion of financial hardship support to include people who need help maintaining premium payments
– redrafting of Code language to avoid consumers having to identify as being in vulnerable circumstances to access support
– a broader definition of vulnerability
– a range of protections for customers affected by family violence
– overarching obligation for education & training requirements for employees, distributors & service suppliers & must include the Code, vulnerability & complaint management
– all parts of the Code applying to small business, adopting the AFCA definition of small business
– a decoupling of the Code from legal definitions of retail client, wholesale client & general insurance products
– insurers having effective systems to monitor the conduct of distributors & service suppliers in respect of Code compliance
– unanticipated additional costs (removal of debris & architectural fees) provided as policy benefits & not as part of sum insured
– meaningful updates on claims progress to be provided every 20 days
– additional requirements for cash settlements – minimum standards for experts
– an increase in the maximum Community Benefit Payment to $200,000 (indexed annually)
– the Code be incorporated into customer contracts so that they are contractually enforceable
The full report can be accessed from the Code of Practice Review website.