Australia: Multiple breaches found in life industry's code of practice
Source: Asia Insurance Review | Apr 2020
Many insurers in Australia breached their commitment to process insurance claims and requests for reviews within certain timeframes, revealed an investigation by the Life Code Compliance Committee, the administrator of the Life Insurance Code of Practice.
The committee has now cautioned insurers subscribing to the code that their future performance will be closely monitored and persistent offenders could be publicly named and shamed.
Their investigation was sparked by a bulk complaint lodged by insurance law firm Maurice Blackburn in early 2018 against 11 life insurers. A