Insurers will bring forward by six months to 1 July 2020 or earlier where possible, key consumer provisions in Parts 9 (Supporting customers experiencing vulnerability) and 10 (Financial hardship) of the new code.
The remaining parts of the 2020 Code will be deferred by six months to 1 July 2021.
This includes the standards for suppliers/distributors, claims handling, claims investigations, complaints, and the new enforcement, sanctions and compliance regime to be exercised by the Code Governance Committee.
The Code Governance Committee recently released its 2018-19 report.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.