The Insurance Council of New Zealand is urging consumers of insurance and community and consumer groups to have their say on the review of the Fair Insurance Code.
The code sets high standards for general insurers who are members of the
ICNZ in all their dealings with consumers and small businesses.
ICNZ members provide cover for over 95% of this market.
The code applies to individuals or small businesses of less than 20 employees. It describes the level of service people can expect from their insurer, explains the responsibilities that consumers and insurers have to each other, provides information on claims and complaints procedures and layouts how people can access help if things go wrong.
“The last review three years ago introduced timeframes for handling claims and complaints and required insurers to respond reasonably to matters not disclosed to them,” ICNZ chief executive
Tim Grafton said. “This review seeks to make further improvement where appropriate, so we are encouraging as many people as possible to make a submission.”
Grafton said the ICNZ wants to ensure the code is not only doing the job set for it in 2016 but can also respond to developments in a fast-changing insurance business and regulatory landscape.
The review will involve the code compliance committee overseeing the process. Members of the committee include Anand Satyanand, David McGee QC and David Caygill.
Submissions will be accepted until Mar. 2, and the new code is expected to be introduced in 2019.
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