General Insurance Code of Practice and Hardship Continued
By James McGuire and Gabriella Mirabito
Our last article dealt with the recent changes to the general insurance code of practice, relating to the handling of vulnerable parties and matters of financial hardship. Our Recoveries Team Leader, Gabriella Mirabito and Client Relationship Manager, James McGuire have shared some additional points of emphasis and findings from the recent code changes.
1.Changes to the General Insurance Code of Practice have placed increased vigilance on the recovery process and especially when dealing with vulnerable third parties and individuals experiencing financial hardship.
2.Many changes to General Insurance Code of Practice will mean that insurers will need to be up to date with all compliance aspects, such as having a financial hardship policy available on their website as well as training of new regulations, such as the increased time frame that a third party has to return a financial hardship form.
3.Debt Recoveries Australia have the appropriate processes and policies in place to ensure that these new changes to General Insurance Code of Practice are meet and our team is equipped to ensure that when financial hardship or variability is identified that they are able to direct third parties to the correct support services such as legal aid, debt helpline and financial counselling services.
4.Careful consideration also needs to now be given to individuals experiencing financial hardship as a result of COVID-19. This can clearly be seen in a trend of many rental properties being abandoned and vehicle being left abandoned at airports.
To review the code in full click here. For further information on how Debt Recoveries Australia can help members of the insurance industry with their recoveries or compliance, please call us on 03 9999 1117 or firstname.lastname@example.org.