The Committee recommends the General Insurance Code of Practice be amended to require that insurers be required to consider relevant propertylevel mitigation measures in any new or renewing insurance policy, and to demonstrate how those measures have been reasonably reflected in the proposed premium. After the Code is registered with the Australian Securities and Investments Commission, the Committee also recommends that the Treasurer issue a ministerial direction for the appropriate regulator to periodically review insurers’ compliance with passing on premium reductions.
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Recommendation 76
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