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Regulation - New Australian code of practice introduced by ICA.
(From Reinsurance)
A new code of practice has been introduced by the Insurance Council of Australia (ICA), which (according to them) will mean that general insurers will meet higher, measurable performance standards for dealing with customers, including settling claims in specific time periods and providing clearer information about policies.The ICA claims that the code will not only provide protection for consumers, but also for business policyholders.
Developed in close consultation with consumer and business representatives and with the insurance industry, the code enshrines a commitment to a better deal for customers across all types of general insurance. The code covers general insurance for individuals and business, but does not cover workers' compensation, compulsory third-party (CTP), medical indemnity and marine insurance, which all have their own set of rules that are not currently covered by specific statute.
ICA President Michael Hawker said the code ...
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