News

We are pleased to see the introduction of a number of important changes in the redrafted Code, including improved access to information, stronger cash settlement protections, automatic acceptance for certain long-running claims and the proposal to make the Code contractually enforceable. If implemented effectively, these changes have the potential to materially improve consumer outcomes.

However, contractual enforceability will only improve consumer outcomes if the protections most critical to preventing consumer harm and enabling consumers to engage safely and effectively with insurance services are contained within the Code itself. We are concerned that a number of important consumer protections continue to sit in non-binding guidance rather than enforceable Code obligations.

While the redraft represents meaningful progress, it does not yet fully address many of the issues most closely associated with consumer harm. As a result, important gaps remain in several areas critical to consumer recovery, participation and outcomes. Without further strengthening, many of the problems identified by consumers, advocates and inquiries are likely to persist, particularly in disaster-affected communities.

Read the full submission and recommendations (PDF).