The Insurance Council of Australia (ICA) has offered its insights on the General Insurance Code Governance Committee's (CGC) potential monitoring and compliance priorities for 2024-25.
The ICA recognised the pivotal role played by the CGC in showcasing best practices of code compliance, evaluating industry performance against the code, and enhancing compliance standards for continual improvement.
The ICA urged the CGC to carefully consider the broader operational and regulatory landscape within which the general insurance industry operates.
It also encouraged the CGC to align its priorities with those outlined by regulatory bodies such as the Australian Securities and Investments Commission (ASIC), which has recently disclosed its enforcement priorities for 2024.
The suggestion is made for the CGC to evaluate where the 2020 code provides the most significant value to individual and small business customers beyond legal requirements.
“Our members identify that as one such area is in relation to supporting customers who are in urgent financial need or experiencing financial hardship, we welcome the CGC completing the priorities for hardship it announced as part of its response to its 2023-24 monitoring and compliance work plan,” said ICA CEO Andrew Hall.
The ICA welcomes further discussion on this matter and invites inquiries to Ai-Lin Lee, senior policy advisor, regulatory and consumer policy, at [email protected] or 0400 124 746.
In other news, the ICA is calling for a $250 million annual fund to address Australia's flood risk.
