The Insurance Council of Australia (ICA) has appointed former Australian Securities and Investments Commission general manager Phil Khoury to provide independent oversight of the latest review of the General Insurance Code of Practice.
The ICA launched the review in February to ensure consumer protections embedded in the Code kept pace with recent developments affecting the industry. The ICA is now examining submissions.
Besides his experience in regulation, Khoury recently conducted the Australian Bankers’ Association’s review of its new Banking Code of Practice.
“Having spent many years working to enhance the relationship between industries and their customers, I am looking forward to the challenge of this interesting new role,” Khoury said.
“An effective, collaborative Code review is a constructive way to confirm the standards insurers set themselves remain aligned with their policyholders’ expectations, and strengthen trust in this critical part of the financial services sector.”
Launched in 1994, the Code commits insurers to mandatory standards of service above and beyond their statutory obligations.