ICA approves new General Insurance Code of Practice

A number of changes have been made to the General Insurance Code of Practice, which may be of some interest to people with or looking for a business insurance policy.

On February 10, the Insurance Council of Australia (ICA) announced it had given the green light to a new-and-improved version of the General Insurance Code of Practice.

This important document effectively functions as a guideline for both consumers and insurance providers. It makes sure that customer service is always conducted to a high standard, all claims and complaints are managed in the best possible way and consumers understand how business and other types of insurance work.

According to the ICA, the revised General Insurance Code of Practice will be launched on July 1, 2014, All members of the ICA will begin adhering to the new version at this time, while other signatories are expected to be fully compliant by July 1, 2015.

Mark Milliner, board president of the ICA, said that amendments to the General Insurance Code of Practice were made after "a robust and thorough review" of the insurance sector was conducted, as well as "extensive consultation" with consumers and insurance providers throughout Australia.

The new General Insurance Code of Practice can be viewed on the ICA website. It is now written in plain English, which should make it more accessible to consumers, and includes "easier-to-follow claims and complaints processes", states the ICA.

In addition to this, it features "stronger and more detailed obligations" for signatories to offer help to consumers who are in need of financial assistance.

If you would like more information about the business insurance options that are available in your region, get in touch with your local Elders Insurance agency.

We offer a wide range of polices, from business property insurance to business liability insurance.