A former corporate watchdog has taken on a new challenge as independent overseer of the fresh review of the General Insurance Code of Practice.
The
Insurance Council of Australia (ICA) has appointed Phil Khoury, former Australian Securities and Investments Commission (
ASIC) GM, to provide independent oversight of the Code review.
The review, launched in February, aims to ensure that consumer protections within the Code keep pace with recent developments affecting the industry.
The ICA is now examining submissions.
Khoury brings to the role a wealth of experience as an independent reviewer of financial sector codes of practice, the most recent of which was the Australian Bankers’ Association’s review of its new Banking Code of Practice.
Campbell Fuller, ICA GM of Communications, said the industry body is glad to bring in Khoury’s expertise.
“The ICA is delighted Mr Khoury has agreed to bring his vast experience working with industry bodies and self-regulatory codes to this important process,” he said. “His appointment as independent overseer underlines the integrity of the ICA’s Code review.”
Khoury also commented on his appointment: “Having spent many years working to enhance the relationship between industries and their customers, I am looking forward to the challenge of this interesting new role.”
The Code was launched in 1994 and commits insurers to mandatory standards of services above and beyond their statutory obligations.
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