Hold on tight, it’s going to be a wild [General Insurance, compliance] ride in 2025

• 86 recommendations from the Flood inquiry into insurer's responses to major flood claims
• 101 recommendations from the independent review of the GI Code of Practice
• APRA's focus on the risk associated with outsourced underwriting to agencies. 
• Continuing focus on commissions paid to insurance brokers
• the commencement of the Financial Accountability Regime on 15 March 2025.
• the implementation of “Prudential Standard CPS 230 – Operational Risk”, in July 2025.
• ASIC's focus on claims handling, dispute resolution & consumer vulnerability

I will be exploring the impact of these issues at my Sydney General Insurance Compliance workshop on Thursday 24th October at Fishburners, Sydney CBD 9am - 4pm.

Register for your spot here, be quick, don't miss out on this opportunity to dicuss significant regulatory 2025 changes with your General Insurance peers.

Click on this link to register for your ticket(s)

The intersection between the Flood inquiry report & the GI Code of Practice review

As a member of the 3-person panel reviewing the GI Code I should state at the outset that my thoughts are my own & do not represent nor are made on behalf of my fellow panel members. Any comments are made in my capacity as Sole Director of Compliance Advocacy Solutions Pty Ltd & not as a member of the Code review panel.

I will be spending time at the Sydney workshop on the intersection between the 86 flood inquiry recommendations & the 101 Code review recommendations.

In respect of the Code review, the House of Representatives Standing Committee on Economics (Committee) commented at 7.160-7.163 (of their flood report)

7.160 The Committee considers the General Insurance Code of Practice an important industry self-regulation mechanism that should continue to be strengthened and upheld by industry. The Code is a living document that should seek to address issues facing consumers and provide more than aspirational promises to policyholders.

7.161 The Committee has made recommendations throughout this report that focus on areas of the Code that should be improved or strengthened. The Committee acknowledges that the Code is currently under independent review and that this inquiry will inform phase 2 of that review. The Committee welcomes the findings and recommendations of the September 2024 initial report of the Code Review. The Committee believes the panel’s recommendations should inform greater efforts by industry to improve the Code.

7.162 The Committee agrees with the Code Review’s recommendation that Code subscribers should be required to incorporate the Code into their contracts.

7.163 Once the Code has been strengthened, including by the above enhancement to contractual enforceability, the ICA should seek ASIC’s approval for the Code, consistent with its expressed intention. Discussions between the ICA and ASIC should include consideration of the possible designation of enforceable provisions of the Code in the future, dependent on industry consultation, the outcomes of the final stage of the Code Review, and any further recommendations and reforms by government.

We will explore these comments and potential impacts in detail at the Sydney workshop

I look forward to you joining me on Thursday 24th October

Register for the GI Compliance workshop in Sydney on Thursday 24th October here