Doubling in self-reported life code breaches
Code subscribers to the Life Insurance Code of Practice self-reported 43 breaches of the code in 2018-19, an increase from 23 the year before, according to results from the Life Code Compliance Committee 2018-2019 annual report.
The independent committee, which monitored and enforces industry compliance, had received 198 code breach allegations, focussed on non-timely processing of claims and complaints.
The root causes of self-reports and referrals were similar to 2017-18, however the overall volume was higher as it was the second year of code operation with members and the public gaining further familiarity.
Anne Brown, committee chair, said they would continue to focus on efficient monitoring and enforcement of the code.
“As a key stakeholder, we will also continue to contribute to the Code review project,” Brown said.
“We encourage the FSC [Financial Services Council] and industry to maintain momentum on this important project, to fulfil post-Royal Commission regulatory and community expectations.”
The report also completion of its inaugural annual data compliance program in Mach, publishing 17 determinations and issued the committee’s first notice of sanction to a code subscriber.
They had also formally responded to initial consultation by the FSC on the second draft of the code, and launched high-level meetings between the committee and code subscribers boards and executive teams to discuss compliance matters.
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