The Committee recommends that the Insurance Council of Australia in consultation with the Australian Securities and Investments Commission:
- develop standardised industry requirements for obtaining Scopes of Work to ensure common items are included and costings itemised (for example, in a template form),
- provide itemised costings in Scopes of Work to policyholders as part of the cash settlement offer process, and
- develop standardised mechanisms for insurers to implement quality control over the Scopes of Work they receive.
SrcNUM
Recommendation 17
RecCODE
INQref