Fair Insurance Code review
05 Dec 2017
The Insurance Council of New Zealand (ICNZ) is reviewing their Fair Insurance Code 2016 with the expectation that any changes to the Code will come into effect in 2019.
ICNZ is calling for submissions from targeted community and consumer groups, business representatives, government, regulators, and the independent, external dispute resolution schemes. ICNZ may also seek broader and deeper input from other stakeholders.
ICNZ also acknowledges statements by the Minister of Commerce and Consumer Affairs in May 2017 to the effect that insurance contracts law requires review.
Scope - The review will seek submissions and recommendations on:
- Customers’ experience with Code standards.
- Insurers’ experience complying with Code standards.
- Possible improvements to the Code standards.
- Any gaps between the expectations of New Zealand customers compared with what customers can expect of insurers in other countries.
- The independent external dispute resolution schemes’ experience with complaints involving the Code.
- Issues the Code needs to address in the context of technological changes
The review will not address matters relating to legislative change as the focus is on the efficacy of the Code as an ICNZ self-regulatory mechanism that binds members.
ICNZ will publish a report on the Code on its website and a response to the submissions and recommendations received.