Code compliance

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Insurers should accept the challenge of embedding a strong culture of fairness, honesty and transparency, or risk being forced out of business, according to an insurance compliance leader. Lynelle Briggs AO, Independent Chair of the General Insurance Code Governance Committee (the Committee), said there was evidence that some subscribers were not taking the Code and…

Read More Deliver strong and fair culture or risk business, insurers told

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Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…

Read More Life insurance code monitoring body delivers report on Australian life insurance industry compliance

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Financial institutions who subscribe to a Code of Practice have obligations to consumers experiencing financial difficulty. The independent committees who monitor the Codes urge consumers to also be aware of these obligations. In 2018, financial difficulty was a particular focus of the committees, especially in the banking sphere where an inquiry found that customer requests…

Read More Codes of Practice and financial difficulty