2020 General Insurance Code of Practice to be reviewed – ICA

The first phase will address general topics not directly related to the 2022 floods.

An Independent Review of the 2020 General Insurance Code of Practice will be conducted by a three-person panel, including former APRA Deputy Chair Helen Rowell (panel chair), consumer expert Gerard Brody, and industry expert Paul Muir, the Insurance Council of Australia (ICA) said in a release.

The review, mandated every three years, will focus on maintaining and enhancing consumer protections, Code modernisation, enhancing customer experience, accessibility, effectiveness, and efficiency, and providing customer value. 

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The first phase will address general topics not directly related to the 2022 floods, with initial findings and recommendations due by 30 June 2024. The second phase, focusing on flood-related topics, will deliver findings by 30 June 2025, aligning with recommendations from the Federal Parliamentary Inquiry into insurers' responses to the 2022 floods. 

The panel will also consider a key recommendation from Deloitte's review of the insurance industry's response to the 2022 floods regarding reworking the Extraordinary Catastrophe definition in the Code of Practice.