What is the Fair Insurance Code?
The Fair Insurance Code is required to be reviewed every three years. Following ICNZ’s last review in 2014, significant changes were made to impose higher standards on ICNZ members. Key changes in the 2016 Code included a commitment to upfront disclosure of key information by insurers, the introduction of best practice timeframes for insurers to respond to claims and the requirement that insurers respond reasonably to matters not previously disclosed to them. A Code Compliance Committee was also established to investigate significant breaches.
ICNZ is now embarking on its three-yearly review to assess the Code’s performance. ICNZ has said that it wishes to ensure that it can respond to developments in a fast-changing insurance business and regulatory landscape.
Scope of the 2018 review
The ICNZ is seeking submissions and recommendations on:
If you have suggestions on how the Code can be changed or improved, submissions can be made here and will be accepted until 2 March 2018. The ICNZ expects to release the revised Code in 2019.
Link to article
- Haynes and Boones Insurance Recovery Group Expands to East Coast
- Cyber Insurance for Financial Institutions
- Kidnap Ransom Insurance: Unlocking Coverage for Ransomware Attacks
- Insurance, Reinsurance & Pension Funds
- MinterEllisonRuddWatts Advises TOMRA in Acquisition of BBC Technologies
- Kraft Heinz acquires food and coffee business of Cerebos Pacific
- MinterEllisonRuddWatts Short Listed in Five Categories for Firm’s Diversity by Euromoney Legal Media Group Asia Women in Business Law Awards
WSG Member: Please login to add your comment.