The consultation period for the Insurance Council of Australia’s (ICA) review of the General Insurance Code of Practice closed on Tuesday 21 July.
Following that public consultation period, the ICA has received additional submissions and feedback from interested stakeholders.The ICA and its members are currently working together to analyse and consider those submissions and other stakeholder feedback.
Given the number, complexity, and variation of submissions and feedback, a request by some stakeholders to allow additional time for consideration and consultation, the importance of the Code toinsurance customers, and the potential impacts on insurer operations, the Board of the ICA has agreed to amend project timelines to lodge the redrafted Code with ASIC in late October.
The ICA is committed to a thorough examination process and consideration of all submissions and feedback we have received and will provide its considered response to this ahead of lodgement with ASIC.
