AST ICGC published Annual report 2023-24, which demonstrates AST ICGC's major achievements related to enforcement, code review, as well as an AST PRL inquiry.
Follows AST ICGC Jun. 2024 fined AUD 50k for claim inconsistency, see #214878.
Also Follows AST ICGC Aug. 2024 reported oversight of external experts, #224013.
Overview of Annual Report
Describes its activities re investigations and enforcement, code review, AST PRL inquiry, the use of external experts by insurers, Making better claims decisions report.
In addition to activities concerning Industry data and compliance report, engagement.
Highlights the imposition of a community payment of AUD 50k against Allianz for its serious breaches of the Code of practice, which is AST ICGC's first disciplinary action.
Request for power to name insurers in AST ICGC's reports to the code review panel.
Plus, submission of areas for improvement to AST PRL inquiry into insurers' responses to the 2022 major floods and appearance before the inquiry's committee, #179956.
Plan
AST ICGC will issue industry data and compliance report for 2023-24 by Mar. 31, 2025.
It will contain aggregated industry data, including self-reported, significant breaches.
