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Issue date: Monday, 1 June 2020

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The House of Representatives Standing Committee on Economics will hear from the General Insurance Code Governance Committee and the Insurance Council of Australia, as well as insurers at a public hearing via videoconference on 3 June 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account’.

‘Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.’

‘The General Insurance Code Governance Committee’s recent findings regarding the substantial increase in code breaches is concerning. It is important that insurers have strong code compliance and governance frameworks in place to ensure that consumers are receiving the protections afforded to them by the code.’

‘The COVID-19 pandemic has also raised a number of relevant issues relating to policy coverage ranging from travel insurance to lenders mortgage insurance that also need to be explored.’

Public hearing details

Date: Wednesday, 3 June 2020
Time: 1.00pm to 4.30pm
Location: Videoconference

 

1.00pm

General Insurance Code Governance Committee

2.00pm

Insurance Council of Australia

2.45pm

Break

3.00pm

Genworth

3.45pm

Cover-More

4.30pm

Close

 

The hearings will be webcast at aph.gov.au/live.


For media comment: Please contact the Committee Chair Mr Tim Wilson MP:

Electorate: (03) 9557 4644; Parliament: (02) 6277 2392

For background information: Please contact the committee secretariat:

Phone: (02) 6277 4587   Email: economics.reps@aph.gov.au  Website: www.aph.gov.au/economics

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