Compare Life Insurance :: News
SHARE

Share this news item!

Call for Stricter Timelines on Insurance Claims and Renewals

Call for Stricter Timelines on Insurance Claims and Renewals

The Insurance Brokers Code Compliance Committee is advocating for significant changes to improve transparency and clarity in their industry standards, amidst ongoing reviews of the National Insurance Brokers Association (NIBA) code.
This call to action coincides with the recent closure of feedback collection from stakeholders, setting the stage for a draft report expected next month.

A major focus of the committee's recommendations is the enhancement of protection for small business clients. Currently, remuneration disclosure requirements are predominantly aimed at retail clients; however, the committee argues that small businesses should also be afforded the same level of transparency.

Another key area highlighted by the committee is the need for stricter timelines around claims and renewals. Presently, brokers are expected to “keep clients informed in a timely manner regarding the progress of their claim,” as stated in clause 7.1. However, the committee suggests a more specific commitment of providing updates every 20 business days. Additionally, they advocate for increasing the notification period for policy renewals from the current 14 days before expiry to a minimum of 30 business days in advance.

These proposed time frames are designed to align client expectations with broker obligations, fostering informed decision-making and improving the overall client experience. The committee emphasizes that such measures will enhance trust in brokers and minimize the risk of lapses in coverage.

Breach and complaint identification, along with reporting, are also under scrutiny in the committee's submission. It urges brokers to report all breaches, including those by representatives, and calls for improved training regarding the code. “Named reporting” on breaches is one of the committee's key recommendations, aiming to enhance transparency and promote better compliance practices. This approach allows firms to benchmark their performance against peers, highlighting industry outliers.

To support these initiatives, the committee proposes securing sufficient funding, enabling them to conduct their own independent investigations and reviews, arguing that reliance solely on self-reported data is inadequate for effective compliance monitoring.

The committee mentions potentially extending the code review period from the current three years to five years, contingent upon the code's approval by the corporate regulator. Such changes are intended to provide a more robust framework for oversight in the industry.

Published:Tuesday, 6th May 2025
Source: Paige Estritori

Share this news item:

Insurance News

Surge in Mental Health Claims Reshapes Australia's Insurance Landscape Surge in Mental Health Claims Reshapes Australia's Insurance Landscape
02 Dec 2025: Paige Estritori

Australia's insurance industry is experiencing a significant shift as mental health conditions have become the leading cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more
Businesses Advocate for Reforms Amid Rising Insurance Premiums Businesses Advocate for Reforms Amid Rising Insurance Premiums
01 Dec 2025: Paige Estritori

The Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, has released a report highlighting the urgent need for coordinated reforms to address the escalating insurance premiums affecting small and medium-sized enterprises (SMEs). The report underscores that soaring premiums are compelling many SMEs, including beauty salons, to either forgo insurance or reduce coverage, posing significant risks to their operations. - read more
AFCA Determines Home-Based Waxing Salon Is a Business AFCA Determines Home-Based Waxing Salon Is a Business
01 Dec 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon operated by a Suncorp customer constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance. - read more
ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
01 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2025, placing a significant emphasis on insurance pricing practices, claims handling, and complaints processes. This initiative aims to enhance consumer protection and ensure fair practices within the insurance industry. - read more


Life Insurance Articles

Income Protection vs. Life Insurance: Tax Differences You Should Consider Income Protection vs. Life Insurance: Tax Differences You Should Consider
Have you ever wondered how income protection insurance can affect your taxes? It's an often-overlooked aspect of managing your finances that could make a substantial difference. Understanding your insurance options is crucial in making informed decisions that benefit your long-term financial health. - read more
Breaking Down the Barriers: Understanding Income Protection for Self-Employed Aussies Breaking Down the Barriers: Understanding Income Protection for Self-Employed Aussies
Hello to all the self-employed Aussies out there! Embarking on the journey of self-employment brings with it a unique set of challenges and freedoms. One area we often overlook is the need for a solid financial safety net, customized to our varied incomes and work lifecycles. That's where income protection insurance steps in as a critical component for ensuring financial stability. - read more
Keeping Your Family Protected: The Importance of Adequate Health Insurance Coverage Keeping Your Family Protected: The Importance of Adequate Health Insurance Coverage
The modern Australian family faces a dynamic and ever-evolving set of health needs, with access to quality healthcare remaining a cornerstone of managing our wellbeing. As these needs shift through the different stages of life, the assurance of having a safety net in place can provide unparalleled peace of mind. It's this sense of security that makes adequate health insurance coverage indispensable in today's fast-paced society. - read more
Why life insurance is a necessity in tough times Why life insurance is a necessity in tough times
With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:


All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Insurance Policy:
Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.