Insurers ready for regulatory reform: ICA

The Insurance Council of Australia has noted that insurers have made sweeping changes to their systems and processes in readiness for the implementation in coming days of wide-ranging reforms intended to improve consumer outcomes.

The raft of regulatory changes being implemented are part of the federal government’s response to the Financial Services Royal Commission.

In facilitating collaboration between industry, consumer groups and regulators the ICA has advocated for a regulatory regime that allows insurers to deliver services that meet customers’ expectations with no unintended consequences.

The ICA will be working closely with its members monitoring the implementation of the regulations as they are rolled out, and stands ready to engage with ASIC, APRA and Treasury should any implementation issues arise.

Additionally, the General Insurance Code of Practice will be updated from 5 October 2021 to align with ASIC’s Regulatory Guide on internal dispute resolution.

Andrew Hall, CEO Insurance Council of Australia said: “The Insurance Council supports the intention of these once-in-a-generation regulatory reforms to improve consumer outcomes.

Insurers have worked hard to ensure the necessary changes to processes have been made and staff are appropriately trained.