General Insurance Code Of Practice 2020
General insurance code of practice 2014.
General insurance code of practice 2020. Join us online and find out what role the new general insurance code of practice will play in restoring community trust. The general insurance code of practice 2014 came into effect on july 1 2014 and remains in place until july 1 2021. The general insurance code of practice 2014 came into effect on july 1 2014.
Insurers will implement this new general insurance code of practice by 1 january 2021. It does not provide compensation. It is a living.
The general insurance code of practice has long set the benchmark for self regulation in the financial services sector. Code subscribers will have completed their transition to the 2020 code see below by that date. You can read the new 2020 code here.
All information on this website refers to the 2014 code unless otherwise noted. The role of the general insurance code governance committee is to ensure companies that have adopted the general insurance code of practice comply with it. The insurance council of australia board has released a new general insurance code of practice which sets out standards that are beyond legal requirements.
There were a number of changes in the 2020 general insurance code of practice with a large proportion concerning consumer protections. The code team is a separately operated and funded business unit of afca. The code which is written in plain english sets out the standards that general insurers must meet when providing services to their customers such as being open fair and honest.
Find out more about the codes of practice. Ica members and other code participants will start to transition to it from 1 january 1 2020 with all code signatories to be compliant by january 1 2021. Insurance providers are required to provide greater accessibility and information to their consumers.
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