๐๐๐๐ ๐ซ๐๐ ๐ฎ๐ฅ๐๐ญ๐จ๐ซ๐ฒ ๐๐ก๐๐ง๐ ๐ & ๐จ๐ญ๐ก๐๐ซ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐๐๐ง๐๐ซ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐
We are almost at the mid-point of the year & already we have seen a plethora of changes, consultations & reviews impacting the General Insurance industry.
Compliance never sleeps in General Insurance.
๐ช๐๐๐๐๐๐๐๐๐๐๐๐, ๐๐๐๐๐๐๐, ๐๐๐๐๐ ๐๐๐๐๐, ๐๐๐๐ ๐๐๐๐ & ๐๐๐๐๐ ๐๐๐๐๐๐๐
11 June – Treasury – feedback on draft legislation (financial advice reform) which include requiring general insurance brokers to obtain commission consent from retail clients if personal advice has been or is likely to be provided. Closes July 8
May – 3 person-panel independent review of the GI Code of Practice – The Terms of Reference set out the reviewโs overarching principle of maintaining & enhancing consumer protections, along with Code modernisation, enhancement of customer experience, accessibility, effectiveness & efficiency, & providing customer value. Consultation closed, report due mid-year
28 May – ASIC to launch new Professional Registers search (for licences) late June
20 May – IBCCC publish guidance note ‘Supporting vulnerable clients’ as guidance for section 10.0 Insurance Brokers Code of Practice
16 May – Senate – Select Committee on the Impact of Climate Risk on Insurance Premiums & Availability established. The Committee has been established to inquire & report on the unaffordability & unavailability of insurance in some regions due to climate-driven disasters & the underlying causes & impacts of increases in insurance premiums. The committee is to present a final report by 19 November 2024. Submissions close 2 July 2024.
22 March – Federal Crt – In finding Auto & General did not include an unfair contract term in its PDS, determined that Utmost Good faith, Section 54 & construction of the PDS, must be taken into account when considering whether a term of the insurance contract is unfair.
7 March – Treasury – consultation on standardising definitions & standard cover for insurance terms – fire, storm, stormwater & rainwater run-off. Consultation closed 4th April
6 March – ASIC – letter to insurers to improve claims handling practices
Feb – House of Reps – Parliament inquiry into insurersโ responses to 2022 major floods claims. Report due Sept 2024
Also,
- FAR commencing March 2025 – RG 279 issued 14 March 2024
- CPS 230 commencing July 2025