ICP 19 Conduct of Business

The supervisor requires that insurers and intermediaries, in their conduct of insurance business, treat customers fairly, both before a contract is entered into and through to the point at which all obligations under a contract have been satisfied.


Fair treatment of customers


19.1

The supervisor requires insurers and intermediaries to act with due skill, care and diligence when dealing with customers. 


19.2

The supervisor requires insurers and intermediaries to establish and implement policies and processes on the fair treatment of customers, as an integral part of their business culture. 


19.3

The supervisor requires insurers and intermediaries to avoid or properly manage any potential conflicts of interest.  


19.4

The supervisor requires insurers and intermediaries to have arrangements in place in dealing with each other to ensure the fair treatment of customers.


Product development and pre-contractual stage


19.5

The supervisor requires insurers to take into account the interests of different types of consumers when developing and distributing insurance products. 


19.6

The supervisor requires insurers and intermediaries to promote products and services in a manner that is clear, fair and not misleading. 

 


19.7

The supervisor requires insurers and intermediaries to provide timely, clear and adequate pre-contractual and contractual information to customers. 

 


19.8

Where customers receive advice before concluding an insurance contract the supervisor requires that the advice provided by insurers and intermediaries takes into account the customer’s disclosed circumstances.


Policy servicing


19.9
The supervisor requires insurers to: 
  • service policies appropriately through to the point at which all obligations under the policy have been satisfied;
  • disclose to the policyholder information on any contractual changes during the life of the contract; and
  • disclose to the policyholder further relevant information depending on the type of insurance product.


19.10

The supervisor requires insurers to handle claims in a timely, fair and transparent manner. 

 


19.11

The supervisor requires insurers and intermediaries to handle complaints in a timely and fair manner.  

 


19.12

The supervisor requires insurers and intermediaries to have policies and processes for the protection and use of information on customers.   


Information supporting fair treatment


19.13

The supervisor publicly discloses information that supports the fair treatment of customers.