REC187-2964

That the Insurance Council of Australia amend the General Insurance Code of Practice such that the General Insurance Code Compliance Committee:
• be appointed in the same manner as FOS Panels, with the independent chair and the consumer and industry representatives to be appointed in the same manner as the ombudsman and panel members are appointed under the FOS rules;
• have the authority and resources to record all breaches of the Code reported to it, toinvestigate breaches of the Code where appropriate and to conduct regular audits of insurance companies for compliance with the Code;
• report serious or systemic breaches of the Code directly to ASIC; and
• publicly release annual reports as to Code compliance and breaches, with insurers to be identified in the reports.