We’ve highlighted the role the Insurance Council of Australia plays in the strata insurance landscape in the Daily Post A Little Bit about the Insurance Council of Australia and it’s Code of Practice in the Daily Post ICA’s Code of Practice for Insurers.
But @ICA also has a Guide on best practice disclosures for insurers that accompanies the Code of Practice.
The Guide is primarily focused on insurance policy terms and related matters under 6 principles as follows:
Principle 1: Insurers need a clear understanding of people’s information needs and information sources.
Principle 2: Insurers’ communications should be clear and reader-friendly.
Principle 3: Disclosure should promote engagement with customers and people seeking insurance.
Principle 4: Disclosure should encourage informed decision-making.
Principle 5: Disclosure should be specific, relevant and helpful in context.
Principle 6: Disclosure should occur at times and in ways that work for the person receiving the information.
So, it’s not specifically relevant to the 2024 Strata Insurance Crisis although some provisions could apply.
And, it also includes the following self defeating disclaimer.
‘This guide does not bind insurers. Nor does it have legal force. Complying with the guide is voluntary. Even so, the Insurance Council of Australia — having developed the document with input from member companies and other stakeholders — encourages insurers to use the document to help develop internal processes, procedures and policies.’
You can read the @ICA Guide here.