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The Insurance Council of Australia is an organisation that represents the interests of the general insurance industry in Australia. It is not a regulatory body; however, it may be able to help you with your insurance.
The Insurance Council of Australia represents the interests of the general insurance industry namely through public affairs, government lobbying, industry forums, issues management and consumer services. According to its website, its members, who consist of insurance and reinsurance companies, represent around 95% of total written premiums of private sector general insurers in Australia. It's been around since 1975 and offers a wide range of insurance products through its various members to both individuals and businesses.
Some of the main things that the ICA does include:
The General Insurance Code of Practice 2014, which came into effect on 1 July, 2014 and will remain in place until 1 July, 2021, is a set of standards that all general insurers need to adhere to.
The Code covers all aspects of a customer's time with an insurer, from buying and making a claim to how to deal with financial hardship and making a complaint. It contains criteria including timeframes, transparency and the types of services that can be offered to customers. Some examples of its principles include:
The ICA looks after private sector general insurers and reinsurers in Australia, from home and business insurance to income protection and life insurance. Its members include:
No. The ICA is a lobby group that represents the interests of insurance companies; it is not a regulator. The two main regulators in Australia are the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
APRA sets prudential standards for the general insurance industry, like how much capital an insurer must hold, while ASIC manages the licensing of financial services providers and regulates consumer protection, investment banks and finance companies.
You can contact the ICA online here where you can fill in a form and let them know what you wish to enquire about. If you want to mail, this can be sent to:
PO Box R1832
Royal Exchange
Sydney
NSW 1225
The ICA may be able to help with complaints, particularly if it involves one of its members. If it can't resolve the issue for you, it's likely that it will refer you to the Australian Financial Complaints Authority (AFCA).
No. The ICA is a non-government organisation that represents Australia's general insurance industry.
Yes. The Australian Financial Complaints Authority (AFCA) can help you with complaints about a life or general insurance product. For private health insurance, you can speak to the The Private Health Insurance Ombudsman (PHIO) and for complaints about workers compensation, you can get in touch with the Fair Work Ombudsman.
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