The insurance industry operates under a General Insurance Code of Practice directed at standards and consumer protection and other legislation covering the contents of insurance policies and standard cover for some domestic insurance policyholders. Insurance marketing and selling practices have been reformed by financial services legislation.

Contributor

Mark Attard

Partner, Clyde & Co.

Insurance Code of Practice

Last updated

1 July 2020

The General Insurance Code of Practice (‘Insurance Code’) sets service 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:

  1. to promote better, more informed relations between insurers and their customers;
  2. to maintain and promote trust and confidence in the insurance industry;
  3. to provide fair and effective mechanisms for the resolution of the complaints and disputes between insurers and their customers; and
  4. 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).

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