Comply with General Insurance Code of Practice (ICA)
ICA Code binds member insurers on conduct + claims + complaints.
Who must comply
ICA member general insurers + their distribution partners.
What triggers it
ICA membership.
When due
Continuous; CGC monitoring.
Evidence required
Code subscriber; complaint data; vulnerability + hardship records.
Max penalty
Code-based; reputational + AFCA reliance on Code in determinations
Summary
The Insurance Council of Australia's General Insurance Code of Practice 2020 binds member insurers on commitments around buying, claims, complaints, vulnerability + financial hardship. Monitored by the Code Governance Committee with public reporting.
Enforced by
Industries
Topics
Related obligations
- NSWHome Building Compensation Fund (NSW)NSW residential building work >$20,000 requires HBCF insurance.
- CWLTHConsumer Credit Hardship Notice (NCC ss 72-73)Credit providers must respond to hardship notice + assess variation request.
- CWLTHComply with claims handling + settling as a financial service (s 766A)From 1 January 2022, insurance claims handling is a financial service requiring AFSL authorisation.
- CWLTHHold AER authorisation as energy retailerSelling electricity or gas to small customers requires AER retailer authorisation.
- CWLTHDesign and Distribution Obligations (DDO) — RG 274Issuers + distributors of retail financial products bound by DDO from 5 October 2021.
- CWLTHComply with Telecommunications Consumer Protections (TCP) CodeTelcos must comply with the binding TCP Code covering credit assessment, billing, complaint handling and unwelcome contact.
Frequently asked questions
- Who must comply with General Insurance Code of Practice (ICA)?
- ICA member general insurers + their distribution partners.
- What triggers General Insurance Code of Practice (ICA)?
- ICA membership.
- When is General Insurance Code of Practice (ICA) due?
- Continuous; CGC monitoring.
- What is the maximum penalty for General Insurance Code of Practice (ICA)?
- Code-based; reputational + AFCA reliance on Code in determinations
- What evidence is required for General Insurance Code of Practice (ICA)?
- Code subscriber; complaint data; vulnerability + hardship records.
Source: https://insurancecouncil.com.au/cop. Rules Mate is not a law firm. Always verify against the live regulator source before acting.