The Australian Consumers Insurance Lobby (ACIL) says confidence in industry-led codes of conduct across the insurance sector is being eroded by a growing perception that commercial interests are being prioritised over professional standards. ACIL’s concerns extend to both the Insurance Brokers Code of Practice and the General Insurance Code of Conduct, each of which is currently subject to review or reform processes overseen by industry bodies whose boards are dominated by industry...

The Australian Consumers Insurance Lobby (ACIL) has warned that the Independent Review of the Insurance Brokers Code of Practice and NIBA’s response exposes the structural limits of self-regulation, reinforcing perceptions that regulators, rather than industry codes are now the primary means by which consumers can be protected from conflicted and opaque insurance broking practices. The Independent Review makes it abundantly clear that the sector is divided. On one side are those calling for...

The Australian Consumers Insurance Lobby (ACIL) has welcomed the improvements outlined in the Insurance Code Governance Committee’s new Oversight of External Experts: Follow-Up report, but warns that the findings risk creating a perception that the long-standing problems with insurer-appointed expert reports have been resolved — when the fundamental structural issues remain unchanged. The Committee highlights several positive developments across insurers, including strengthened training for...