The General Insurance Guidelines setting out proper practice in an industry or occupation. For example, the franchising code of practice sets out rules for businesses operating under a franchise. Codes can be voluntary or statutory (required by legislation). (‘Insurance Code’) sets Formal delivery of legal documents to a person to tell them there are court proceedings against them which they must defend, or to make sure a witness in a case knows when they have to go to court to give evidence. standards for the insurance industry. The latest version of the Insurance Code is effective as of 1 January 2021, although the family violence policy provisions took effect earlier, on 1 July 2020.
The objectives of the Insurance Code are:
- to promote better, more informed relations between insurers and their customers;
- to maintain and promote A type of property ownership or arrangement where one party, known as the trustee, holds property or money for the benefit of another party, referred to as the beneficiary. and confidence in the insurance industry;
- to provide fair and effective mechanisms for the resolution of the complaints and disputes between insurers and their customers; and
- to commit the insurance industry to higher standards of customer service.
The application of the Insurance Code to various aspects of insurance is discussed throughout this chapter.
A copy of the Insurance Code is available from the Insurance Council of Australia (see ‘Contacts’ at the end of this chapter).