IAG submission to General Insurance Code of Practice Independent Review - December 2012
08 Feb 2013
Insurance Australia Group acknowledges the important role the Code plays in improving service standards in the insurance industry. We have adopted the General Insurance Code of Practice (the Code) and we have a long standing commitment to complying with it.
We support the Independent Review and efforts to improve the effectiveness of the Code in achieving its objectives. However we believe that changes should only be made where there is evidence that the Code is not effective or does not adequately address a particular problem and where the benefit of change to consumers and other stakeholders is justified as against the implementation cost to industry. In short, where a cost benefit analysis shows the benefits outweighs the costs. This is particularly important in light of the raft of Commonwealth regulatory changes that have recently occurred or are presently mooted, each of which imposes compliance costs.