Public Consultation on the redrafted General Insurance Code of Practice.

Introduction

The Insurance Council of Australia (Insurance Council) is seeking feedback on a redrafted General Insurance Code of Practice (‘GICOP’) as part of our regular review process. The Insurance Council is undertaking a targeted consultation approach, focused on stakeholders who are directly affected by the redrafted Code, and best placed to assess its consumer impacts, enforceability and operational workability. Following this consultation, the redrafted GICOP will be submitted to the Australian Securities and Investments Commission (ASIC) for approval to promote regulatory confidence and further enhance consumer trust.

Background

The GICOP is an industry owned code which was last updated in 2020. The current version introduced clearer processes, expanded provisions for vulnerability, and strengthened commitments relating to complaints handling and financial hardship. Since its commencement, the 2020 Code has played an important role in setting service and conduct standards for insurers.

Independent review of the GICOP

An independent review of the GICOP was conducted between 2023 and 2024 to assess its effectiveness in meeting consumer expectations and regulatory standards. The review considered stakeholder submissions, consumer experiences, and industry practices, and resulted in a comprehensive set of recommendations aimed at improving clarity, enforceability, and consumer outcomes.

Parliamentary Flood Inquiry

The House of Representatives Standing Committee on Economics Inquiry into insurers’ responses to 2022 major floods claims examined insurer responses to recent major flood events and identified issues affecting consumer outcomes. The Inquiry recommended that the GICOP be strengthened to improve consumer protections in disaster contexts and enhance claims handling practices.

MOTHs Involvement

MOTHs has been invited to contribute to a submission by Eastern Community Legal Centre. It is a fantastic opportunity for us to provide a voice for MOTHs members and residents of the Dandenong Ranges.

Who are we hoping will participate

We are hoping to hear from people living regionally or outer metro with lived experience and/or local knowledge and insights. We are keen to hear about your experience on insurance (availability / cost/ etc), particularly following a disaster.

What are we asking you to do?

If you would like to participate, you can:

  • Share your experiences of insurance following a disaster or other significant event.

  • Tell us what worked well, what didn't, and what you think should change.

Participation is completely voluntary. You can choose how much or how little you share, and you can stop participating at any time before the submission is finalised. This is a very quick turn around. We’ll be providing our input to ECLC by the latest, Monday July 20th.

Please take care of yourself

We recognise that experiences with disasters and insurance can be upsetting to revisit. Please only share what you feel comfortable sharing. If you become distressed while writing your response, we encourage you to take a break or stop. Your wellbeing is more important than contributing to this project.

How will your information be used?

Your responses will be used to:

  • identify common themes within our community;

  • include quotes or case studies where you have given permission.

If we would like to include part of your story, we will ask whether you would like it to be:

  • attributed to you,

  • attributed using your first name only, or

  • included anonymously.

How will your information be stored?

Responses will be collected by Mums of the Hills and stored securely in a password-protected location that is accessible only to the small working group preparing the submission. We will keep your contact details separate from your story wherever possible.

Once the submission has been completed, identifiable information that is no longer required will be deleted. We will likely let the MOTHs group and local residents know that we have contributed to ECLC’s submission which may include themes we identified. We will not disclose specific case studies, names or details publicly.

Please note that if your comments are included in the final submission to the Insurance Council of Australia, they may become part of a document that is shared with regulators and may be published unless confidentiality is requested as part of the submission process.