AST ICGC Annual Report 2023-2024


On Sep. 3, AST ICGC issued Annual report 2023-24 showing progress.


  • 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.

Regulators AST ICGC
Entity Types IB; Ins
Reference Rp, PR, 9/3/2024
Functions Claims/Accelerated Benefits; Compliance; Exams; Legal; Market Conduct; Settlement; Treasury
Countries Australia
Category Trade Association
State
Products Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
Regions AP
Rule Type Final
Rule Date 9/3/2024
Effective Date 9/3/2024
Rule Id 224701
Linked to Rule :224013
Reg. Last Update 9/3/2024
Report Section International

Last substantive update on 09/05/2024