| Thursday, 11th of March 2010 |
General Insurance Code of Practice
The first General Insurance Code of Practice in Australia was introduced in 1994. In 2001, the Federal Government introduced legislation, embodied in the Financial Services Reform Act, to establish a uniform regulatory and licensing regime for all financial services.
At its core, the legislative framework has the protection of consumer interests in mind and the Insurance Industry has responded to the higher customer expectations by introducing a new Code of Practice (the Code).
A complete copy of the Code can be found at www.codeofpractice.com.au.
The Code is intended to ensure that Insurers and their service providers:
Meet higher, measurable performance standards with customers;
Settle claims in specific time periods; and
Provide clear information about policies.
Lloyd’s announced that they would adopt the new Code with effect from 22 January 2007. The Code applies to all Lloyd’s binder business written by Australian domiciled coverholders, including claims adjusted onshore by either the coverholder or an Australian domiciled claims administrator. The Code does not apply to Lloyd’s open market business, binder business written by offshore coverholders, or claims adjusted offshore.
P.I. Direct is an authorised Australian domiciled coverholder and the Code therefore applies to our sales, underwriting and policy issuance, claims handling and complaint handling. P.I. Direct contract all claims handling under our Lloyd’s Binding Agreement to DLA Phillips Fox (Contact Mr Cameron McLeod (07) 3246 4087). The claims handling is in accordance with the terms and conditions of the Claims Service Agreement entered into directly between DLA Phillips Fox and the Underwriters with respect to each year of account.
All of our staff involved in sales, underwriting, policy issuance and complaint handling have completed the Australian and New Zealand Institute of Insurance and Finance’s General Insurance Code of Practice Training Programme, which complies with the Insurance Council of Australia guidelines.
Any enquiry or complaint relating to an insurance underwritten under one of P.I. Direct’s Lloyd’s Binding Agreements should be referred to our Complaints Manager, Mr Ian Jones on (07) 3387 2818, in the first instance. A copy of our Internal Complaints and Disputes Process will be made available on request. If this does not resolve the matter or a client is not satisfied with the way a complaint has been dealt with, they should write to:
Lloyd’s Underwriters’ General Representative in Australia
Suite 2, Level 21, Angel Place, 123 Pitt Street, Sydney NSW 2000
Telephone: (02) 9223 1433 Facsimile: (02) 9223 1466
If their dispute remains unresolved they may be referred to the Financial Ombudsman Service Limited under the terms of the General Insurance Code of Practice.
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