(3) Account opening, confirmation and payment processes - order handling; and - payment process. (4) Systems - capacity; - contingencies; - security; - investment advice; - education; and - no omissions or misrepresentations. (D) ASIC APPROVES GENERAL INSURANCE CODE OF PRACTICE AND INSURANCE ENQUIRIES AND COMPLAINTS SCHEME (1) Overview On 3 August 2000 ASIC approved the General Insurance Code of Practice (GI Code) and the Independent Complaints Resolution Scheme, Insurance Enquiries and Complaints (IEC scheme). The GI Code was independently reviewed in 1998. Following discussions with ASIC and other stakeholders, the Insurance Council of Australia (ICA) agreed to effect most of the recommendations contained in the GI Code Review. These recommendations include: - promoting consumer awareness of the GI Code; - making policy wording and information more user friendly - especially in areas such as flood cover and consumer credit; - expanding the jurisdiction of the IEC scheme, including for parties in relation to some motor vehicle claims; - improving training and accountability for the conduct of employees, agents, loss adjustors, assessors and debt collectors who handle insurance claims; and - reviewing the Code every three years subject to ASIC approval.
(3) Account opening, confirmation and payment processes - order handling; and - payment process. (4) Systems - capacity; - contingencies; - security; - investment advice; - education; and - no omissions or misrepresentations. (D) ASIC APPROVES GENERAL INSURANCE CODE OF PRACTICE AND INSURANCE ENQUIRIES AND COMPLAINTS SCHEME (1) Overview On 3 August 2000 ASIC approved the General Insurance Code of Practice (GI Code) and the Independent Complaints Resolution Scheme, Insurance Enquiries and Complaints (IEC scheme). The GI Code was independently reviewed in 1998. Following discussions with ASIC and other stakeholders, the Insurance Council of Australia (ICA) agreed to effect most of the recommendations contained in the GI Code Review. These recommendations include: - promoting consumer awareness of the GI Code; - making policy wording and information more user friendly - especially in areas such as flood cover and consumer credit; - expanding the jurisdiction of the IEC scheme, including for parties in relation to some motor vehicle claims; - improving training and accountability for the conduct of employees, agents, loss adjustors, assessors and debt collectors who handle insurance claims; and - reviewing the Code every three years subject to ASIC approval.