Insurers rush to achieve ICA code compliance

Insurers rush to achieve ICA code compliance | Insurance Business

Insurers rush to achieve ICA code compliance
Insurance professionals are joining a self-regulation rush by taking the Australian and New Zealand Institute of Insurance and Finance’s course on the new ICA General Insurance Code of Practice.

The Institute has so far reportedly received “unprecedented interest" following the launch of the code by the ICA last week, with many insurers keen to achieve compliance as soon as possible.

CEO of the Institute Prue Willsford said there was very "significant interest" in the take up of the code.

"This shows us that the industry not only wants to self-regulate, which is understandable in such a red-tape-heavy industry, but that it recognises the degree of responsibility every insurance professional has in dealing with customers," Willsford said.

"With the Institute’s role in setting and monitoring professional standards, we are thrilled that the industry is supportive of a Ccde that is so customer-focused.”

The course teaches professionals how the code affects them in their role, what they must do to remain code compliant, and identifies the changes between the 2012 and 2014 code.

ANZIIF says the duration of the course is between 1-2 hours and is online and interactive elements with short assessments throughout. Professionals will receive a certificate on completion.