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Insurance Council seeks submissions on review of Fair Insurance Code

The Insurance Council of NZ is encouraging consumers of insurance and community and consumer groups to have their say on the review of the Fair Insurance Code.

The Code sets high standards for general insurers who are members of ICNZ in all their dealings with consumers and small businesses.  ICNZ members provide cover for over 95% of this market.

“The Fair Insurance Code applies to individuals or small businesses of less than 20 employees and describes what level of service people can expect from their insurer, explains the responsibilities that consumers and insurers have to each other, provides information on claims and complaints procedures and lays out how people can access help if things go wrong” said Tim Grafton Insurance Council Chief Executive.

“The last review three years ago introduced timeframes for handling claims and complaints and required insurers to respond reasonably to matters not disclosed to them.  This review seeks to make further improvement where appropriate, so we are encouraging as many people as possible to make a submission” he said.

“We want to ensure the Code is not only doing the job we set for it in 2016 but can also respond to developments in a fast-changing insurance business and regulatory landscape,” he said. 

The review will involve the Code Compliance Committee overseeing the process.  Members of the committee include Sir Anand Satyanand, David McGee QC and David Caygill.

People can make a submission online at www.icnz.org.nz/FICreview or email icnz@icnz.org.nz or post to:

Fair Insurance Code Review
Insurance Council of New Zealand
PO Box 474
Wellington 6140

Submissions will be accepted until 5pm, 2 March 2018.

A copy of the Fair Insurance Code and the terms of reference for the review can be found at www.icnz.org.nz/FICreview.

It is expected the new Code will be introduced in 2019.